Versor Investments LP Acquires New Shares in Avidity Biosciences, Inc. $RNA

Versor Investments LP acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 162,880 shares of the biotechnology company’s stock, valued at approximately $11,749,000. Avidity Biosciences makes up 1.8% of Versor Investments LP’s investment portfolio, making the stock its 9th largest position.

Several other hedge funds have also recently bought and sold shares of the company. ABC Arbitrage SA acquired a new stake in Avidity Biosciences during the 4th quarter valued at $6,730,000. Carlson Capital L.P. acquired a new stake in Avidity Biosciences during the 4th quarter valued at $2,020,000. Credit Industriel ET Commercial acquired a new stake in Avidity Biosciences during the 4th quarter valued at $12,118,000. Strs Ohio grew its holdings in Avidity Biosciences by 152.4% during the 4th quarter. Strs Ohio now owns 26,000 shares of the biotechnology company’s stock valued at $1,875,000 after buying an additional 15,700 shares during the last quarter. Finally, Danske Bank A S acquired a new stake in Avidity Biosciences during the 4th quarter valued at $137,000.

Avidity Biosciences Stock Performance

RNA stock opened at $13.25 on Tuesday. Avidity Biosciences, Inc. has a 52-week low of $11.95 and a 52-week high of $16.77. The stock’s fifty day simple moving average is $13.74 and its 200-day simple moving average is $50.87.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data 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 business had revenue of $0.86 million for the quarter, compared to analyst estimates of $1.98 million. Equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RNA has been the topic of a number of analyst reports. Wells Fargo & Company initiated coverage on Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Wall Street Zen upgraded Avidity Biosciences to a “hold” rating in a report on Saturday, March 21st. Finally, HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $69.42.

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.