Nicholas Investment Partners LP Acquires Shares of 69,570 Avidity Biosciences, Inc. (NASDAQ:RNA)

Nicholas Investment Partners LP acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 69,570 shares of the biotechnology company’s stock, valued at approximately $2,023,000.

A number of other hedge funds have also recently added to or reduced their stakes in RNA. Janus Henderson Group PLC lifted its holdings in Avidity Biosciences by 44.1% in the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock worth $205,134,000 after purchasing an additional 2,156,844 shares during the period. Boxer Capital Management LLC purchased a new stake in Avidity Biosciences in the 4th quarter worth about $50,232,000. Wellington Management Group LLP increased its holdings in shares of Avidity Biosciences by 15.3% in the 4th quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock valued at $235,725,000 after purchasing an additional 1,075,148 shares during the period. Norges Bank purchased a new stake in Avidity Biosciences in the 4th quarter worth approximately $21,077,000. Finally, Avoro Capital Advisors LLC increased its position in Avidity Biosciences by 9.1% in the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock worth $218,100,000 after purchasing an additional 625,000 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Scotiabank initiated coverage on shares of Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 target price for the company. Royal Bank of Canada restated an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Barclays decreased their price target on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Bank of America reduced their price target on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Finally, Citigroup started coverage on Avidity Biosciences in a research note on Thursday, March 13th. They issued a “buy” rating and a $70.00 price target for the company. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences has an average rating of “Buy” and a consensus target price of $66.38.

Avidity Biosciences Trading Up 1.9%

RNA stock opened at $29.88 on Wednesday. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The company has a market cap of $3.60 billion, a price-to-earnings ratio of -10.38 and a beta of 1.00. The firm has a 50-day moving average of $29.26 and a two-hundred day moving average of $33.19.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data 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). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $1.60 million during the quarter, compared to analyst estimates of $2.63 million. As a group, equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In related news, insider Kathleen P. Gallagher sold 5,875 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $32.40, for a total value of $190,350.00. Following the completion of the transaction, the insider now owns 50,554 shares in the company, valued at $1,637,949.60. This represents a 10.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Sarah Boyce sold 31,540 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $979,632.40. Following the sale, the chief executive officer now owns 305,871 shares of the company’s stock, valued at $9,500,353.26. This trade represents a 9.35% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,803 shares of company stock worth $1,877,437. 3.68% of the stock is currently owned by insiders.

Avidity Biosciences Company 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.