Cantor Fitzgerald L. P. Makes New Investment in Avidity Biosciences, Inc. $RNA

Cantor Fitzgerald L. P. bought a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the third quarter, HoldingsChannel reports. The institutional investor bought 114,236 shares of the biotechnology company’s stock, valued at approximately $4,977,000.

Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Avidity Biosciences by 42.9% during the 3rd quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock worth $575,985,000 after buying an additional 3,971,457 shares during the period. Bellevue Group AG acquired a new position in Avidity Biosciences in the third quarter valued at approximately $93,800,000. RA Capital Management L.P. lifted its holdings in Avidity Biosciences by 18.9% in the third quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock valued at $376,490,000 after buying an additional 1,375,000 shares during the period. Polar Capital Holdings Plc boosted its stake in Avidity Biosciences by 58.0% in the third quarter. Polar Capital Holdings Plc now owns 2,796,760 shares of the biotechnology company’s stock valued at $121,855,000 after acquiring an additional 1,026,373 shares during the last quarter. Finally, Norges Bank acquired a new stake in Avidity Biosciences during the 2nd quarter worth $28,261,000.

Insiders Place Their Bets

In other Avidity Biosciences news, insider W. Michael Flanagan sold 6,534 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 $473,388.30. Following the completion of the transaction, the insider directly owned 85,093 shares of the company’s stock, valued at approximately $6,164,987.85. The trade was a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Arthur A. Levin sold 1,758 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $127,367.10. Following the completion of the transaction, the director directly owned 16,562 shares of the company’s stock, valued at approximately $1,199,916.90. The trade was a 9.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 58,407 shares of company stock worth $4,226,448 over the last 90 days. 3.83% of the stock is currently owned by corporate insiders.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA opened at $13.75 on Friday. Avidity Biosciences, Inc. has a 52-week low of $13.57 and a 52-week high of $16.77. The firm has a 50 day moving average price of $59.97 and a 200 day moving average price of $59.67.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing the consensus estimate of ($1.24) by ($0.35). The firm had revenue of $0.86 million during the quarter, compared to analyst estimates of $1.98 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. On average, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on RNA shares. Evercore set a $72.00 target price on shares of Avidity Biosciences in a research report on Thursday, December 18th. Wells Fargo & Company began coverage on Avidity Biosciences in a research note on Wednesday. They set an “overweight” rating and a $25.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Hold” and a consensus price target of $66.79.

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.