Crcm LP Invests $14.60 Million in Avidity Biosciences, Inc. $RNA

Crcm LP bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the fourth quarter, HoldingsChannel reports. The fund bought 202,370 shares of the biotechnology company’s stock, valued at approximately $14,597,000. Avidity Biosciences comprises about 4.9% of Crcm LP’s investment portfolio, making the stock its 5th biggest holding.

Other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. grew its position in shares of Avidity Biosciences by 55.0% during the third quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock worth $39,194,000 after acquiring an additional 319,282 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Avidity Biosciences by 173.2% during the third quarter. Envestnet Asset Management Inc. now owns 179,103 shares of the biotechnology company’s stock worth $7,804,000 after acquiring an additional 113,545 shares during the last quarter. Aberdeen Group plc grew its position in shares of Avidity Biosciences by 8.9% during the third quarter. Aberdeen Group plc now owns 304,828 shares of the biotechnology company’s stock worth $13,281,000 after acquiring an additional 25,000 shares during the last quarter. Allianz Asset Management GmbH purchased a new position in shares of Avidity Biosciences during the third quarter worth approximately $632,000. Finally, Vanguard Group Inc. grew its position in Avidity Biosciences by 42.9% in the 3rd quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock valued at $575,985,000 after buying an additional 3,971,457 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RNA. Weiss Ratings lowered shares of Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. Wells Fargo & Company began coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They issued an “overweight” rating on the stock. HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Leerink Partners began coverage on shares of Avidity Biosciences in a research report on Friday, May 15th. They issued an “outperform” rating on the stock. Finally, Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $70.29.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $12.37 on Friday. Avidity Biosciences, Inc. has a one year low of $11.40 and a one year high of $16.77. The business has a fifty day moving average of $13.09 and a two-hundred day moving average of $41.81. The company has a market cap of $211.60 million, a P/E ratio of -2.49 and a beta of 0.93.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) EPS for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.08. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The company had revenue of $19.64 million during the quarter, compared to the consensus estimate of $2.00 million. Sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

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.