Bank of New York Mellon Corp boosted its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 11.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 94,416 shares of the biotechnology company’s stock after purchasing an additional 9,965 shares during the period. Bank of New York Mellon Corp’s holdings in Avidity Biosciences were worth $2,333,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its position in Avidity Biosciences by 129.3% during the first quarter. Royal Bank of Canada now owns 7,623 shares of the biotechnology company’s stock valued at $166,000 after purchasing an additional 4,298 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Avidity Biosciences by 14.3% during the first quarter. Russell Investments Group Ltd. now owns 8,254 shares of the biotechnology company’s stock valued at $180,000 after purchasing an additional 1,035 shares during the last quarter. Alliancebernstein L.P. acquired a new stake in shares of Avidity Biosciences in the second quarter worth about $264,000. Squarepoint Ops LLC lifted its position in shares of Avidity Biosciences by 29.1% in the first quarter. Squarepoint Ops LLC now owns 12,616 shares of the biotechnology company’s stock worth $275,000 after buying an additional 2,843 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC lifted its position in shares of Avidity Biosciences by 34.3% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 13,156 shares of the biotechnology company’s stock worth $287,000 after buying an additional 3,361 shares during the last quarter. 91.70% of the stock is owned by hedge funds and other institutional investors.
In other Avidity Biosciences news, major shareholder Rtw Investments, Lp acquired 800,000 shares of the company’s stock in a transaction dated Wednesday, August 4th. The shares were acquired at an average cost of $18.00 per share, for a total transaction of $14,400,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 16.08% of the company’s stock.
Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Sunday, August 8th. The biotechnology company reported ($0.70) EPS for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.01. The business had revenue of $2.61 million for the quarter, compared to analyst estimates of $1.50 million. Avidity Biosciences had a negative return on equity of 26.48% and a negative net margin of 846.95%. On average, analysts predict that Avidity Biosciences, Inc. will post -2.96 earnings per share for the current year.
A number of brokerages have weighed in on RNA. Zacks Investment Research cut Avidity Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, October 13th. Credit Suisse Group reduced their price target on Avidity Biosciences from $37.00 to $36.00 and set an “outperform” rating for the company in a research report on Tuesday, August 10th. Finally, Evercore ISI began coverage on Avidity Biosciences in a research report on Tuesday, September 7th. They issued an “outperform” rating and a $50.00 price target for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $39.60.
About Avidity Biosciences
Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; and to design, engineer, and develop therapeutics that combine tissue selectivity of monoclonal antibodies and the precision of oligonucleotide therapies to access previously undruggable tissue and cell types, and target underlying genetic drivers of diseases.
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