Geode Capital Management LLC Acquires 262,731 Shares of Avidity Biosciences, Inc. $RNA

Geode Capital Management LLC boosted its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 9.2% during the fourth quarter, HoldingsChannel reports. The fund owned 3,120,780 shares of the biotechnology company’s stock after purchasing an additional 262,731 shares during the quarter. Geode Capital Management LLC’s holdings in Avidity Biosciences were worth $225,145,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Clearstead Advisors LLC bought a new stake in Avidity Biosciences during the 4th quarter worth approximately $72,000. PNC Financial Services Group Inc. grew its holdings in Avidity Biosciences by 127.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,442 shares of the biotechnology company’s stock worth $320,000 after acquiring an additional 2,488 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Avidity Biosciences by 18.0% during the 4th quarter. Handelsbanken Fonder AB now owns 40,700 shares of the biotechnology company’s stock worth $2,936,000 after acquiring an additional 6,200 shares during the last quarter. ProShare Advisors LLC grew its holdings in Avidity Biosciences by 45.7% during the 4th quarter. ProShare Advisors LLC now owns 32,086 shares of the biotechnology company’s stock worth $2,314,000 after acquiring an additional 10,066 shares during the last quarter. Finally, GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in Avidity Biosciences during the 4th quarter worth approximately $21,858,000.

Analyst Ratings Changes

A number of research firms have weighed in on RNA. Wall Street Zen raised shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday. Wells Fargo & Company initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating on the stock. Leerink Partners initiated coverage on shares of Avidity Biosciences in a research note on Friday, May 15th. They issued an “outperform” rating on the stock. HC Wainwright reaffirmed a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. Finally, Weiss Ratings lowered shares of Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research note on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Hold” and a consensus target price of $69.42.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $12.25 on Wednesday. The firm’s fifty day moving average is $13.31 and its 200-day moving average is $45.32. Avidity Biosciences, Inc. has a 52 week low of $11.95 and a 52 week high of $16.77. The firm has a market cap of $209.55 million, a P/E 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) EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.00 million. As a group, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

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.