Profund Advisors LLC Buys 10,330 Shares of Avidity Biosciences, Inc. $RNA

Profund Advisors LLC boosted its stake in Avidity Biosciences, Inc. (NASDAQ:RNA) by 37.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 37,654 shares of the biotechnology company’s stock after purchasing an additional 10,330 shares during the quarter. Profund Advisors LLC’s holdings in Avidity Biosciences were worth $1,641,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in shares of Avidity Biosciences in the second quarter worth about $28,261,000. Bank of America Corp DE boosted its stake in 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 buying an additional 264,827 shares during the last quarter. Schroder Investment Management Group grew its holdings in Avidity Biosciences by 215.3% during the 2nd 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 in the last quarter. Sofinnova Investments Inc. grew its holdings in Avidity Biosciences by 53.9% during the 2nd quarter. Sofinnova Investments Inc. now owns 584,801 shares of the biotechnology company’s stock valued at $16,608,000 after buying an additional 204,870 shares in the last quarter. Finally, Ensign Peak Advisors Inc increased its stake in Avidity Biosciences by 60.9% in the 2nd quarter. Ensign Peak Advisors Inc now owns 530,814 shares of the biotechnology company’s stock worth $15,075,000 after acquiring an additional 200,836 shares during the last quarter.

Analyst Ratings Changes

RNA has been the subject of a number of research reports. Needham & Company LLC downgraded Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 target price for the company. in a research report on Monday, October 27th. Chardan Capital reaffirmed a “neutral” rating and set a $72.00 price target on shares of Avidity Biosciences in a research note on Tuesday, November 11th. TD Cowen reiterated a “hold” rating on shares of Avidity Biosciences in a research report on Wednesday, November 12th. Roth Mkm cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 price objective for the company. in a research note on Monday, October 27th. Finally, Wolfe Research cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 28th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $69.57.

Avidity Biosciences Price Performance

NASDAQ RNA opened at $72.89 on Wednesday. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $73.06. The firm has a market capitalization of $11.28 billion, a price-to-earnings ratio of -17.44 and a beta of 0.93. The company has a fifty day moving average of $72.27 and a two-hundred day moving average of $59.42.

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

Insiders Place Their Bets

In other Avidity Biosciences news, Director Arthur A. Levin sold 1,758 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $127,367.10. Following the completion of the transaction, the director owned 16,562 shares in the company, valued at $1,199,916.90. The trade was a 9.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider W. Michael Flanagan sold 6,534 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $473,388.30. Following the completion of the sale, the insider owned 85,093 shares in the company, valued at approximately $6,164,987.85. The trade was a 7.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 58,407 shares of company stock valued at $4,226,448 over the last quarter. Corporate insiders own 3.83% of the company’s stock.

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.