Castleark Management LLC Increases Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

Castleark Management LLC increased its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 23.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,620 shares of the biotechnology company’s stock after purchasing an additional 13,510 shares during the period. Castleark Management LLC owned 0.06% of Avidity Biosciences worth $2,054,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of RNA. Voloridge Investment Management LLC raised its holdings in Avidity Biosciences by 235.7% during the fourth quarter. Voloridge Investment Management LLC now owns 191,550 shares of the biotechnology company’s stock valued at $5,570,000 after acquiring an additional 134,489 shares during the period. Waverly Advisors LLC purchased a new stake in shares of Avidity Biosciences during the fourth quarter worth about $259,000. Woodline Partners LP raised its stake in Avidity Biosciences by 27.7% during the 4th quarter. Woodline Partners LP now owns 865,820 shares of the biotechnology company’s stock valued at $25,178,000 after purchasing an additional 187,666 shares during the period. Squarepoint Ops LLC lifted its holdings in Avidity Biosciences by 6.8% in the 4th quarter. Squarepoint Ops LLC now owns 172,875 shares of the biotechnology company’s stock worth $5,027,000 after purchasing an additional 11,006 shares in the last quarter. Finally, Twinbeech Capital LP bought a new position in Avidity Biosciences in the 4th quarter worth approximately $563,000.

Wall Street Analyst Weigh In

RNA has been the topic of several recent analyst reports. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective on the stock. HC Wainwright reduced their price target on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Chardan Capital reiterated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, May 7th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Finally, Citigroup started coverage on Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 target price on the stock. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences has a consensus rating of “Buy” and a consensus price target of $66.38.

Avidity Biosciences Price Performance

Shares of RNA stock opened at $30.62 on Thursday. The company has a market cap of $3.69 billion, a PE ratio of -10.63 and a beta of 1.00. Avidity Biosciences, Inc. has a 1 year low of $21.51 and a 1 year high of $56.00. The stock’s 50 day simple moving average is $29.15 and its two-hundred day simple moving average is $32.70.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The company had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CFO Michael F. Maclean sold 7,935 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $246,461.10. Following the sale, the chief financial officer now owns 96,720 shares in the company, valued at $3,004,123.20. This trade represents a 7.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $32.40, for a total transaction of $190,350.00. Following the sale, the insider now directly owns 50,554 shares of the company’s stock, valued at $1,637,949.60. This represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,803 shares of company stock worth $1,877,437. 3.83% of the stock is currently owned by insiders.

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.