CIBRA Capital Ltd Invests $3.84 Million in Avidity Biosciences, Inc. $RNA

CIBRA Capital Ltd purchased a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, Holdings Channel.com reports. The fund purchased 53,209 shares of the biotechnology company’s stock, valued at approximately $3,838,000. Avidity Biosciences accounts for approximately 6.6% of CIBRA Capital Ltd’s portfolio, making the stock its 9th largest holding.

Several other institutional investors have also recently bought and sold shares of the business. AlphaQuest LLC boosted its stake in Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 331 shares in the last quarter. CWM LLC raised its holdings in shares of Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 605 shares during the last quarter. Allworth Financial LP lifted its position in Avidity Biosciences by 22.8% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after buying an additional 159 shares in the last quarter. Comerica Bank lifted its position in Avidity Biosciences by 75.9% during the 3rd quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock worth $58,000 after buying an additional 576 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 1,099 shares during the last quarter.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Avidity Biosciences to a “hold” rating in a research report on Saturday, March 21st. Wells Fargo & Company initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 11th. They issued an “overweight” rating for the company. Evercore set a $72.00 price objective on shares of Avidity Biosciences in a research report on Thursday, December 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Avidity Biosciences presently has an average rating of “Hold” and an average price target of $69.42.

Insider Buying and Selling

In other news, CFO Michael F. Maclean sold 4,542 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $329,067.90. Following the sale, the chief financial officer owned 59,290 shares of the company’s stock, valued at $4,295,560.50. This trade represents a 7.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sarah Boyce sold 14,387 shares of Avidity Biosciences stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $1,042,338.15. Following the transaction, the chief executive officer owned 269,007 shares in the company, valued at $19,489,557.15. This trade represents a 5.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 58,407 shares of company stock valued at $4,226,448. 3.83% of the stock is owned by company insiders.

Avidity Biosciences Stock Up 1.0%

RNA opened at $13.23 on Friday. The company has a fifty day moving average price of $48.12 and a two-hundred day moving average price of $57.24. Avidity Biosciences, Inc. has a 52 week low of $11.95 and a 52 week high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35). Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The company had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.98 million. As a group, research analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

About Avidity Biosciences

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.