Casdin Capital LLC Has $59.47 Million Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Casdin Capital LLC reduced its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 1.9% during the fourth quarter, HoldingsChannel reports. The firm owned 2,045,000 shares of the biotechnology company’s stock after selling 39,841 shares during the period. Avidity Biosciences comprises approximately 4.0% of Casdin Capital LLC’s portfolio, making the stock its 7th largest holding. Casdin Capital LLC’s holdings in Avidity Biosciences were worth $59,469,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. TD Waterhouse Canada Inc. lifted its position in Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 866 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $38,000. Headlands Technologies LLC bought a new stake in Avidity Biosciences during the fourth quarter worth $60,000. KBC Group NV grew its holdings in Avidity Biosciences by 99.0% during the fourth quarter. KBC Group NV now owns 4,474 shares of the biotechnology company’s stock worth $130,000 after buying an additional 2,226 shares in the last quarter. Finally, US Bancorp DE raised its position in Avidity Biosciences by 25.2% in the 4th quarter. US Bancorp DE now owns 6,568 shares of the biotechnology company’s stock valued at $191,000 after buying an additional 1,324 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RNA. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. HC Wainwright reiterated a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. BMO Capital Markets started coverage on Avidity Biosciences in a report on Wednesday, March 12th. They issued an “outperform” rating and a $72.00 target price for the company. Scotiabank initiated coverage on Avidity Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price target on the stock. Finally, Bank of America decreased their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, March 10th. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $66.69.

Insiders Place Their Bets

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $27.83, for a total transaction of $163,501.25. Following the transaction, the insider now directly owns 50,554 shares in the company, valued at approximately $1,406,917.82. This represents a 10.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the transaction, the insider now directly owns 72,850 shares in the company, valued at $2,262,721. This trade represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 60,803 shares of company stock worth $1,877,437 in the last ninety days. 3.68% of the stock is currently owned by insiders.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $32.28 on Tuesday. The firm has a market capitalization of $3.88 billion, a P/E ratio of -11.21 and a beta of 1.01. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00. The business has a fifty day moving average price of $29.45 and a 200-day moving average price of $33.85.

Avidity Biosciences (NASDAQ:RNA) last issued its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The company had revenue of $2.97 million during the quarter, compared to the consensus estimate of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Sell-side analysts expect that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Avidity Biosciences Profile

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.