Eventide Asset Management LLC Has $37.84 Million Stock Position in Avidity Biosciences, Inc. $RNA

Eventide Asset Management LLC increased its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 39.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 524,643 shares of the biotechnology company’s stock after purchasing an additional 148,654 shares during the quarter. Eventide Asset Management LLC owned approximately 0.34% of Avidity Biosciences worth $37,843,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Avidity Biosciences by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 13,649,250 shares of the biotechnology company’s stock worth $984,520,000 after buying an additional 429,491 shares during the period. Wellington Management Group LLP grew its position in shares of Avidity Biosciences by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock worth $438,540,000 after buying an additional 815,497 shares during the period. RA Capital Management L.P. grew its position in shares of Avidity Biosciences by 18.9% during the 3rd quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock worth $376,490,000 after buying an additional 1,375,000 shares during the period. Avoro Capital Advisors LLC grew its position in shares of Avidity Biosciences by 8.4% during the 3rd quarter. Avoro Capital Advisors LLC now owns 7,645,000 shares of the biotechnology company’s stock worth $333,093,000 after buying an additional 595,000 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of Avidity Biosciences by 118.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,776,785 shares of the biotechnology company’s stock worth $272,420,000 after buying an additional 2,044,316 shares during the period.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wells Fargo & Company assumed coverage on Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating for the company. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Weiss Ratings lowered Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. HC Wainwright restated a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Finally, Leerink Partners assumed coverage on Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $70.29.

Avidity Biosciences Price Performance

NASDAQ:RNA opened at $12.37 on Friday. Avidity Biosciences, Inc. has a fifty-two week low of $11.40 and a fifty-two week high of $16.77. The stock has a market capitalization of $211.60 million, a PE ratio of -2.49 and a beta of 0.93. The business’s 50-day simple moving average is $13.09 and its 200-day simple moving average is $41.81.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share for the quarter, beating the consensus estimate of ($1.05) by $0.08. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The business had revenue of $19.64 million for the quarter, compared to analysts’ expectations of $2.00 million. On average, research analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

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.