Privium Fund Management B.V. Buys 6,300 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Privium Fund Management B.V. boosted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 24.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,900 shares of the biotechnology company’s stock after purchasing an additional 6,300 shares during the quarter. Privium Fund Management B.V.’s holdings in Avidity Biosciences were worth $928,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in RNA. FMR LLC boosted its position in shares of Avidity Biosciences by 4.3% during the 3rd quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after acquiring an additional 689,729 shares during the last quarter. Wellington Management Group LLP lifted its position in Avidity Biosciences by 84.9% during the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock valued at $322,931,000 after purchasing an additional 3,228,923 shares during the last quarter. RA Capital Management L.P. grew its stake in shares of Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after buying an additional 900,000 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Avidity Biosciences by 33.9% in the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after buying an additional 1,239,323 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Avidity Biosciences by 41.7% in the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock worth $216,151,000 after buying an additional 1,386,087 shares during the last quarter.

Avidity Biosciences Trading Down 9.9 %

NASDAQ RNA opened at $30.48 on Wednesday. The stock has a market cap of $3.66 billion, a PE ratio of -10.58 and a beta of 1.02. Avidity Biosciences, Inc. has a 12 month low of $21.56 and a 12 month high of $56.00. The company’s 50-day moving average price is $31.03 and its 200-day moving average price is $37.67.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. As a group, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Ratings Changes

RNA has been the subject of a number of analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Scotiabank began coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price objective for the company. BMO Capital Markets initiated coverage on Avidity Biosciences in a research report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Monday. Finally, Bank of America cut their price objective on shares of Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences currently has a consensus rating of “Buy” and an average price target of $66.69.

Insiders Place Their Bets

In other news, CFO Michael F. Maclean sold 3,287 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $93,975.33. Following the transaction, the chief financial officer now directly owns 104,655 shares in the company, valued at approximately $2,992,086.45. This trade represents a 3.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Teresa Mccarthy sold 2,959 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the transaction, the insider now directly owns 104,908 shares in the company, valued at approximately $2,999,319.72. The trade was a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,390 shares of company stock worth $718,303 in the last ninety days. 3.68% of the stock is owned by company insiders.

Avidity Biosciences Company Profile

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.