80,956 Shares in Avidity Biosciences, Inc. $RNA Purchased by Yakira Capital Management Inc.

Yakira Capital Management Inc. purchased a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 80,956 shares of the biotechnology company’s stock, valued at approximately $5,839,000. Avidity Biosciences makes up 2.0% of Yakira Capital Management Inc.’s portfolio, making the stock its 16th largest position. Yakira Capital Management Inc. owned approximately 0.05% of Avidity Biosciences as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC grew its position in Avidity Biosciences by 9.2% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 10,695 shares of the biotechnology company’s stock worth $771,000 after acquiring an additional 901 shares in the last quarter. P Schoenfeld Asset Management LP purchased a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $6,109,000. Maven Securities LTD boosted its position in shares of Avidity Biosciences by 58.4% during the fourth quarter. Maven Securities LTD now owns 95,055 shares of the biotechnology company’s stock valued at $6,856,000 after buying an additional 35,055 shares during the period. Fieldview Capital Management LLC purchased a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $227,000. Finally, Frazier Life Sciences Management L.P. boosted its position in shares of Avidity Biosciences by 57.3% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 983,125 shares of the biotechnology company’s stock valued at $70,913,000 after buying an additional 358,125 shares during the period.

Wall Street Analysts Forecast Growth

RNA has been the subject of several recent analyst reports. Leerink Partners initiated coverage on Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating for the company. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. HC Wainwright restated a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Weiss Ratings lowered Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. Finally, Wells Fargo & Company initiated coverage on Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $70.29.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $12.37 on Monday. The company has a 50 day moving average price of $13.09 and a 200-day moving average price of $41.60. Avidity Biosciences, Inc. has a fifty-two week low of $11.40 and a fifty-two week high of $16.77. The company has a market capitalization of $211.60 million, a PE ratio of -2.49 and a beta of 0.93.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) EPS for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.08. The company had revenue of $19.64 million during the quarter, compared to the consensus estimate of $2.00 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. On average, analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

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.