P Schoenfeld Asset Management LP Makes New $6.11 Million Investment in Avidity Biosciences, Inc. $RNA

P Schoenfeld Asset Management LP acquired a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 84,700 shares of the biotechnology company’s stock, valued at approximately $6,109,000. Avidity Biosciences makes up 2.2% of P Schoenfeld Asset Management LP’s portfolio, making the stock its 13th biggest holding. P Schoenfeld Asset Management LP owned about 0.05% of Avidity Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of RNA. JPMorgan Chase & Co. boosted its stake in shares of Avidity Biosciences by 55.0% during the third quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock valued at $39,194,000 after acquiring an additional 319,282 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Avidity Biosciences by 173.2% during the third quarter. Envestnet Asset Management Inc. now owns 179,103 shares of the biotechnology company’s stock valued at $7,804,000 after acquiring an additional 113,545 shares during the last quarter. Aberdeen Group plc boosted its stake in shares of Avidity Biosciences by 8.9% during the third quarter. Aberdeen Group plc now owns 304,828 shares of the biotechnology company’s stock valued at $13,281,000 after acquiring an additional 25,000 shares during the last quarter. Allianz Asset Management GmbH acquired a new stake in shares of Avidity Biosciences during the third quarter valued at $632,000. Finally, Vanguard Group Inc. boosted its stake in shares of Avidity Biosciences by 42.9% during the third quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock valued at $575,985,000 after acquiring an additional 3,971,457 shares during the last quarter.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA opened at $12.37 on Monday. Avidity Biosciences, Inc. has a twelve month low of $11.40 and a twelve month high of $16.77. The company has a market capitalization of $211.60 million, a price-to-earnings ratio of -2.49 and a beta of 0.93. The business has a 50 day simple moving average of $13.09 and a 200-day simple moving average of $41.60.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $2.00 million. As a group, equities analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Avidity Biosciences 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.