Janus Henderson Group PLC Sells 7,583,412 Shares of Avidity Biosciences, Inc. $RNA

Janus Henderson Group PLC decreased its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 52.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 6,939,503 shares of the biotechnology company’s stock after selling 7,583,412 shares during the quarter. Janus Henderson Group PLC’s holdings in Avidity Biosciences were worth $500,560,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Governors Lane LP bought a new position in Avidity Biosciences in the fourth quarter valued at about $8,853,000. Empyrean Capital Partners LP bought a new position in Avidity Biosciences in the fourth quarter valued at about $10,315,000. Engineers Gate Manager LP bought a new position in Avidity Biosciences in the fourth quarter valued at about $238,000. Cinctive Capital Management LP boosted its holdings in Avidity Biosciences by 66.2% in the fourth quarter. Cinctive Capital Management LP now owns 50,000 shares of the biotechnology company’s stock valued at $3,606,000 after acquiring an additional 19,923 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in Avidity Biosciences in the fourth quarter valued at about $435,708,000.

Analyst Ratings Changes

Several equities analysts recently issued reports on RNA shares. Wells Fargo & Company started coverage on Avidity Biosciences in a report on Wednesday, March 11th. They issued an “overweight” rating on the stock. Leerink Partners assumed coverage on Avidity Biosciences in a report on Friday, May 15th. They issued an “outperform” rating on the stock. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. Weiss Ratings lowered Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research note on Friday, May 22nd. Finally, HC Wainwright reissued a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $71.25.

Avidity Biosciences Trading Down 1.0%

NASDAQ:RNA opened at $12.48 on Thursday. Avidity Biosciences, Inc. has a 1-year low of $11.40 and a 1-year high of $16.77. The business’s 50-day moving average price is $13.04 and its two-hundred day moving average price is $40.35. The firm has a market capitalization of $213.48 million, a price-to-earnings ratio of -2.51 and a beta of 0.93.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results 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 firm had revenue of $19.64 million for the quarter, compared to analyst estimates of $2.00 million. Sell-side analysts predict 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.