Hudson Bay Capital Management LP Sells 45,000 Shares of Avidity Biosciences, Inc. $RNA

Hudson Bay Capital Management LP lowered its stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 60.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,000 shares of the biotechnology company’s stock after selling 45,000 shares during the quarter. Hudson Bay Capital Management LP’s holdings in Avidity Biosciences were worth $1,307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in RNA. Allworth Financial LP grew its position in shares of Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after buying an additional 159 shares during the last quarter. IFP Advisors Inc grew its holdings in Avidity Biosciences by 21.2% in the third quarter. IFP Advisors Inc now owns 3,641 shares of the biotechnology company’s stock worth $159,000 after purchasing an additional 636 shares during the last quarter. Swiss Life Asset Management Ltd acquired a new position in shares of Avidity Biosciences during the third quarter worth $213,000. Cantor Fitzgerald L. P. purchased a new stake in shares of Avidity Biosciences during the 3rd quarter valued at $4,977,000. Finally, CIBC Bancorp USA Inc. acquired a new stake in shares of Avidity Biosciences in the 3rd quarter worth $474,000.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA opened at $13.13 on Monday. The company’s fifty day moving average price is $54.06 and its 200 day moving average price is $58.55. Avidity Biosciences, Inc. has a 1 year low of $11.95 and a 1 year high of $16.77.

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

Analysts Set New Price Targets

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

Insider Buying and Selling at Avidity Biosciences

In related news, CEO Sarah Boyce sold 14,387 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $1,042,338.15. Following the completion of the transaction, the chief executive officer owned 269,007 shares in the company, valued at $19,489,557.15. This represents a 5.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arthur A. Levin sold 1,758 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $127,367.10. Following the completion of the transaction, the director owned 16,562 shares in the company, valued at approximately $1,199,916.90. This trade represents a 9.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 58,407 shares of company stock valued at $4,226,448. Corporate insiders own 3.83% of the company’s stock.

About Avidity Biosciences

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.