3,046,388 Shares in Avidity Biosciences, Inc. $RNA Acquired by Norges Bank

Norges Bank acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,046,388 shares of the biotechnology company’s stock, valued at approximately $219,736,000. Norges Bank owned approximately 1.97% of Avidity Biosciences at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP increased its position in Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 159 shares during the period. Fort Point Capital Partners LLC increased its position in Avidity Biosciences by 0.6% in the 3rd quarter. Fort Point Capital Partners LLC now owns 31,278 shares of the biotechnology company’s stock valued at $1,363,000 after acquiring an additional 183 shares during the period. GF Fund Management CO. LTD. increased its position in Avidity Biosciences by 7.0% in the 4th quarter. GF Fund Management CO. LTD. now owns 2,961 shares of the biotechnology company’s stock valued at $214,000 after acquiring an additional 193 shares during the period. GAMMA Investing LLC increased its position in Avidity Biosciences by 10.5% in the 4th quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock valued at $178,000 after acquiring an additional 234 shares during the period. Finally, AlphaQuest LLC increased its position in 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 period.

Avidity Biosciences Stock Down 3.4%

RNA opened at $12.25 on Wednesday. Avidity Biosciences, Inc. has a twelve month low of $11.95 and a twelve month high of $16.77. The company has a fifty day moving average of $13.31 and a 200-day moving average of $45.32. The stock has a market cap of $209.55 million, a PE ratio of -2.46 and a beta of 0.93.

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

Analysts Set New Price Targets

RNA has been the subject of several recent research reports. Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday. HC Wainwright restated a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Weiss Ratings cut 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 initiated coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They issued an “overweight” rating for the company. Finally, Leerink Partners initiated coverage on shares of Avidity Biosciences in a research report on Friday, May 15th. They issued an “outperform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $69.42.

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.