Atle Fund Management AB Takes $2.27 Million Position in Avidity Biosciences, Inc. $RNA

Atle Fund Management AB acquired a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 51,978 shares of the biotechnology company’s stock, valued at approximately $2,265,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Avidity Biosciences in the 2nd quarter valued at about $28,261,000. Bank of America Corp DE boosted its stake in shares of Avidity Biosciences by 16.8% during the second quarter. Bank of America Corp DE now owns 1,839,315 shares of the biotechnology company’s stock valued at $52,237,000 after purchasing an additional 264,827 shares in the last quarter. Schroder Investment Management Group increased its holdings in Avidity Biosciences by 215.3% during the second quarter. Schroder Investment Management Group now owns 343,718 shares of the biotechnology company’s stock valued at $9,762,000 after buying an additional 234,715 shares during the period. Sofinnova Investments Inc. raised its stake in Avidity Biosciences by 53.9% in the second quarter. Sofinnova Investments Inc. now owns 584,801 shares of the biotechnology company’s stock worth $16,608,000 after buying an additional 204,870 shares in the last quarter. Finally, Ensign Peak Advisors Inc raised its stake in Avidity Biosciences by 60.9% in the second quarter. Ensign Peak Advisors Inc now owns 530,814 shares of the biotechnology company’s stock worth $15,075,000 after buying an additional 200,836 shares in the last quarter.

Insider Buying and Selling at Avidity Biosciences

In other news, CFO Michael F. Maclean sold 4,542 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $329,067.90. Following the sale, the chief financial officer directly owned 59,290 shares of the company’s stock, valued at $4,295,560.50. The trade was a 7.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Arthur A. Levin sold 1,758 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $127,367.10. Following the completion of the transaction, the director owned 16,562 shares of the company’s stock, valued at $1,199,916.90. This trade represents a 9.60% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 58,407 shares of company stock valued at $4,226,448. Company insiders own 3.83% of the company’s stock.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $72.57 on Friday. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $72.74. The firm has a market capitalization of $10.93 billion, a price-to-earnings ratio of -17.36 and a beta of 0.95. The stock’s 50-day simple moving average is $72.06 and its 200-day simple moving average is $57.34.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Monday, November 10th. The biotechnology company reported ($1.27) EPS for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). The company had revenue of $12.48 million during the quarter, compared to analyst estimates of $1.80 million. Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The company’s revenue was up 420.8% on a year-over-year basis. As a group, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. HC Wainwright cut Avidity Biosciences from a “buy” rating to a “neutral” rating and dropped their target price for the company from $87.00 to $72.00 in a research report on Monday, October 27th. Roth Mkm downgraded Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 price objective on the stock. in a research report on Monday, October 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Citigroup cut shares of Avidity Biosciences from a “buy” rating to a “hold” rating in a report on Monday, October 27th. Finally, Chardan Capital reaffirmed a “neutral” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Avidity Biosciences currently has a consensus rating of “Hold” and an average target price of $69.57.

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.