Erste Asset Management GmbH Buys New Holdings in Avidity Biosciences, Inc. $RNA

Erste Asset Management GmbH purchased a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 36,000 shares of the biotechnology company’s stock, valued at approximately $1,535,000.

A number of other institutional investors also recently bought and sold shares of RNA. AlphaQuest LLC boosted its holdings in shares of Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after acquiring an additional 331 shares during the last quarter. CWM LLC lifted its position in Avidity Biosciences by 1,635.1% during 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. Westside Investment Management Inc. purchased a new stake in Avidity Biosciences in the second quarter valued at $29,000. PNC Financial Services Group Inc. boosted its holdings in Avidity Biosciences by 291.5% in the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 1,099 shares during the last quarter. Finally, Osaic Holdings Inc. grew its position in Avidity Biosciences by 1,659.1% during the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,543 shares during the period.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $14.75 on Monday. The stock has a market capitalization of $2.29 billion, a PE ratio of -2.97 and a beta of 0.93. The business has a 50 day simple moving average of $71.40 and a 200-day simple moving average of $61.91. Avidity Biosciences, Inc. has a 12 month low of $13.06 and a 12 month high of $15.93.

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 analysts’ consensus estimates of ($1.24) by ($0.35). The company had revenue of $0.86 million during the quarter, compared to analyst estimates of $1.98 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. On average, equities research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on RNA. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. TD Cowen reaffirmed a “hold” rating on shares of Avidity Biosciences in a research note on Wednesday, November 12th. Evercore set a $72.00 target price on shares of Avidity Biosciences in a report on Thursday, December 18th. Finally, Chardan Capital reissued a “neutral” rating and set a $72.00 price target on shares of Avidity Biosciences in a report on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Avidity Biosciences has an average rating of “Hold” and a consensus target price of $69.57.

Insiders Place Their Bets

In other news, insider Steven George Hughes sold 4,895 shares of the firm’s stock in a transaction that occurred on 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. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sarah Boyce sold 14,387 shares of the firm’s stock in a transaction on Wednesday, January 21st. The shares were 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 $19,489,557.15. The trade was a 5.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 58,407 shares of company stock valued at $4,226,448. 3.83% of the stock is owned by company insiders.

Avidity Biosciences 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.