Sculptor Capital LP Purchases Shares of 566,000 Avidity Biosciences, Inc. $RNA

Sculptor Capital LP purchased a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the 4th quarter, Holdings Channel.com reports. The fund purchased 566,000 shares of the biotechnology company’s stock, valued at approximately $40,826,000.

Other large investors have also made changes to their positions in the company. AlphaQuest LLC grew 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 worth $26,000 after purchasing an additional 331 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Avidity Biosciences in the 4th quarter worth about $34,000. Smartleaf Asset Management LLC grew its holdings in shares of Avidity Biosciences by 426.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 397 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 159 shares during the last quarter. Finally, Osaic Holdings Inc. grew its holdings in shares of Avidity Biosciences by 1,659.1% in 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 last quarter.

Avidity Biosciences Stock Up 3.1%

Shares of NASDAQ RNA opened at $12.75 on Tuesday. The firm’s 50-day simple moving average is $13.08 and its 200 day simple moving average is $41.19. The company has a market cap of $218.10 million, a price-to-earnings ratio of -2.57 and a beta of 0.93. Avidity Biosciences, Inc. has a 12-month low of $11.40 and a 12-month high of $16.77.

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

Analyst Ratings Changes

RNA has been the topic of several analyst reports. Wall Street Zen raised shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. Wells Fargo & Company initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 11th. They issued an “overweight” rating on the stock. HC Wainwright reaffirmed a “neutral” rating on shares of Avidity Biosciences in a report on Friday, May 1st. Weiss Ratings lowered shares of Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a report on Friday, May 22nd. Finally, Leerink Partners initiated coverage on shares of Avidity Biosciences in a report on Friday, May 15th. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Avidity Biosciences has a consensus rating of “Hold” and a consensus target price of $70.29.

Avidity Biosciences Company 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.