Cantor Fitzgerald L. P. Purchases New Stake in Avidity Biosciences, Inc. $RNA

Cantor Fitzgerald L. P. purchased a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 114,236 shares of the biotechnology company’s stock, valued at approximately $4,977,000.

Several other institutional investors also recently bought and sold shares of RNA. Vanguard Group Inc. increased its position in shares of Avidity Biosciences by 42.9% in the third quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock worth $575,985,000 after acquiring an additional 3,971,457 shares in the last quarter. Bellevue Group AG purchased a new position in shares of Avidity Biosciences in the 3rd quarter valued at $93,800,000. Norges Bank acquired a new position in shares of Avidity Biosciences during the 2nd quarter valued at $28,261,000. Wellington Management Group LLP boosted its position in Avidity Biosciences by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock worth $438,540,000 after purchasing an additional 815,497 shares during the period. Finally, Suvretta Capital Management LLC purchased a new stake in Avidity Biosciences during the 3rd quarter worth $32,678,000.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Wells Fargo & Company assumed coverage on Avidity Biosciences in a report on Wednesday. They issued an “overweight” rating and a $25.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Finally, Evercore set a $72.00 target price on Avidity Biosciences in a research note on Thursday, December 18th. One 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 issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $66.79.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $13.75 on Friday. The firm has a fifty day simple moving average of $59.97 and a 200-day simple moving average of $59.67. Avidity Biosciences, Inc. has a twelve month low of $13.57 and a twelve month high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.24) by ($0.35). Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The firm had revenue of $0.86 million for the quarter, compared to analysts’ expectations of $1.98 million. As a group, equities analysts predict 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 Steven George Hughes sold 4,895 shares of Avidity Biosciences stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $354,642.75. Following the sale, the insider directly owned 31,599 shares of the company’s stock, valued at approximately $2,289,347.55. The trade was a 13.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sarah Boyce sold 14,387 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $1,042,338.15. Following the completion of the transaction, the chief executive officer owned 269,007 shares in the company, valued at approximately $19,489,557.15. This trade represents a 5.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 58,407 shares of company stock valued at $4,226,448. 3.83% of the stock is currently owned by insiders.

Avidity Biosciences Company 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.