Y Intercept Hong Kong Ltd Acquires Shares of 7,041 Avidity Biosciences, Inc. $RNA

Y Intercept Hong Kong Ltd bought a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,041 shares of the biotechnology company’s stock, valued at approximately $307,000.

A number of other institutional investors have also recently modified their holdings of RNA. California State Teachers Retirement System raised its position in Avidity Biosciences by 0.5% in the second quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock worth $2,563,000 after acquiring an additional 466 shares in the last quarter. Guggenheim Capital LLC increased its holdings in shares of Avidity Biosciences by 1.6% in the 2nd quarter. Guggenheim Capital LLC now owns 32,602 shares of the biotechnology company’s stock valued at $926,000 after purchasing an additional 519 shares in the last quarter. CWM LLC lifted its stake in shares of Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 605 shares during the period. E Fund Management Co. Ltd. boosted its holdings in Avidity Biosciences by 4.6% during the second quarter. E Fund Management Co. Ltd. now owns 14,163 shares of the biotechnology company’s stock worth $402,000 after buying an additional 629 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Avidity Biosciences by 4.8% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,316 shares of the biotechnology company’s stock worth $463,000 after buying an additional 746 shares during the period.

Avidity Biosciences Trading Up 0.1%

Shares of RNA stock opened at $72.82 on Friday. The company has a market capitalization of $11.27 billion, a price-to-earnings ratio of -17.42 and a beta of 0.93. The firm has a 50-day moving average price of $72.17 and a 200 day moving average price of $58.26. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $73.06.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Monday, November 10th. The biotechnology company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The firm had revenue of $12.48 million for the quarter, compared to analysts’ expectations of $1.80 million. The company’s revenue was up 420.8% compared to the same quarter last year. As a group, research analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Ratings Changes

RNA has been the subject of a number of research reports. Roth Mkm downgraded shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 price target for the company. in a research report on Monday, October 27th. Sanford C. Bernstein cut Avidity Biosciences from an “outperform” rating to a “market perform” rating and lifted their price objective for the stock from $52.00 to $72.00 in a report on Monday, October 27th. Citigroup lowered Avidity Biosciences from a “buy” rating to a “hold” rating in a report on Monday, October 27th. Needham & Company LLC downgraded Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price target for the company. in a research note on Monday, October 27th. Finally, Leerink Partners cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $69.57.

Insider Activity at Avidity Biosciences

In other news, CEO Sarah Boyce sold 14,387 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $1,042,338.15. Following the sale, the chief executive officer owned 269,007 shares in the company, valued at $19,489,557.15. This trade represents a 5.08% decrease in their ownership of the stock. The transaction 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 the stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $354,642.75. Following the transaction, the insider owned 31,599 shares in the company, valued at $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. Over the last quarter, insiders have sold 58,407 shares of company stock worth $4,226,448. Company 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.