JPMorgan Chase & Co. Purchases 319,282 Shares of Avidity Biosciences, Inc. $RNA

JPMorgan Chase & Co. lifted its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 55.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 899,557 shares of the biotechnology company’s stock after acquiring an additional 319,282 shares during the quarter. JPMorgan Chase & Co. owned 0.60% of Avidity Biosciences worth $39,194,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Royal Bank of Canada grew its holdings in Avidity Biosciences by 38.2% during the 1st quarter. Royal Bank of Canada now owns 44,304 shares of the biotechnology company’s stock worth $1,308,000 after acquiring an additional 12,241 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Avidity Biosciences by 22.7% in the 1st quarter. NewEdge Advisors LLC now owns 23,837 shares of the biotechnology company’s stock worth $704,000 after purchasing an additional 4,410 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Avidity Biosciences by 2.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company’s stock worth $23,164,000 after purchasing an additional 21,649 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Avidity Biosciences by 7.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company’s stock valued at $10,560,000 after purchasing an additional 25,329 shares in the last quarter. Finally, Strs Ohio bought a new position in shares of Avidity Biosciences during the first quarter valued at approximately $180,000.

Analyst Upgrades and Downgrades

RNA has been the subject of a number of recent research reports. Wells Fargo & Company initiated coverage on shares of Avidity Biosciences in a research note on Wednesday, March 11th. They issued an “overweight” rating for the company. Evercore set a $72.00 target price on Avidity Biosciences in a research report on Thursday, December 18th. Wall Street Zen upgraded Avidity Biosciences to a “hold” rating in a report on Saturday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $69.42.

Avidity Biosciences Stock Up 3.5%

NASDAQ:RNA opened at $13.13 on Friday. The firm’s fifty day moving average is $54.06 and its two-hundred day moving average is $58.47. Avidity Biosciences, Inc. has a one year low of $11.95 and a one year high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35). Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. The company had revenue of $0.86 million for the quarter, compared to analysts’ expectations of $1.98 million. Research analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In other news, insider Charles Calderaro III sold 3,727 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $72.23, for a total transaction of $269,201.21. Following the sale, the insider owned 49,797 shares of the company’s stock, valued at $3,596,837.31. This trade represents a 6.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Steven George Hughes sold 4,895 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $354,642.75. Following the transaction, the insider directly owned 31,599 shares of the company’s stock, valued at approximately $2,289,347.55. This trade represents a 13.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 58,407 shares of company stock valued at $4,226,448 in the last 90 days. 3.83% of the stock is currently owned by corporate insiders.

Avidity Biosciences Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.