Vanguard Group Inc. Grows Stock Holdings in Avidity Biosciences, Inc. $RNA

Vanguard Group Inc. boosted its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 3.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,649,250 shares of the biotechnology company’s stock after purchasing an additional 429,491 shares during the period. Vanguard Group Inc. owned approximately 0.09% of Avidity Biosciences worth $984,520,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. AlphaQuest LLC increased its holdings in shares of Avidity Biosciences by 123.0% during the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after buying an additional 331 shares during the last quarter. CWM LLC increased its holdings in shares of Avidity Biosciences by 1,635.1% during the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after buying an additional 605 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Avidity Biosciences by 22.8% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after buying an additional 159 shares during the last quarter. Osaic Holdings Inc. increased its holdings in shares of Avidity Biosciences by 1,659.1% during the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after buying an additional 1,543 shares during the last quarter. Finally, Comerica Bank increased its holdings in shares of Avidity Biosciences by 75.9% during the 3rd quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock worth $58,000 after buying an additional 576 shares during the last quarter.

Avidity Biosciences Stock Up 5.0%

NASDAQ:RNA opened at $13.41 on Friday. The company has a 50 day moving average price of $19.72 and a 200 day moving average price of $52.09. Avidity Biosciences, Inc. has a fifty-two week low of $11.95 and a fifty-two week high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35). The company had revenue of $0.86 million for the quarter, compared to analysts’ expectations of $1.98 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. On average, sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RNA. Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Wall Street Zen upgraded shares of Avidity Biosciences to a “hold” rating in a report on Saturday, March 21st. Wells Fargo & Company began coverage on shares of Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating for the company. Finally, HC Wainwright restated a “neutral” rating on shares of Avidity Biosciences in a report on Friday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $69.42.

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.