Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Purchased by Neo Ivy Capital Management

Neo Ivy Capital Management boosted its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 479.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 96,120 shares of the biotechnology company’s stock after acquiring an additional 79,524 shares during the quarter. Neo Ivy Capital Management owned 0.08% of Avidity Biosciences worth $2,795,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in RNA. Price T Rowe Associates Inc. MD increased its position in shares of Avidity Biosciences by 3.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company’s stock valued at $321,127,000 after purchasing an additional 408,861 shares during the period. Vanguard Group Inc. increased its position in shares of Avidity Biosciences by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock valued at $274,280,000 after purchasing an additional 205,027 shares during the period. Wellington Management Group LLP increased its position in shares of Avidity Biosciences by 15.3% during 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. Avoro Capital Advisors LLC increased its position in shares of Avidity Biosciences by 9.1% during the 4th quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock valued at $218,100,000 after purchasing an additional 625,000 shares during the period. Finally, Janus Henderson Group PLC increased its position in shares of Avidity Biosciences by 44.1% during the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock valued at $205,134,000 after purchasing an additional 2,156,844 shares during the period.

Insider Transactions at Avidity Biosciences

In related news, insider Steven George Hughes sold 9,578 shares of the business’s stock in a transaction dated 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. The trade was a 11.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now owns 50,554 shares in the company, valued at approximately $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. Over the last ninety days, insiders have sold 60,803 shares of company stock worth $1,877,437. Company insiders own 3.83% of the company’s stock.

Wall Street Analyst Weigh In

RNA has been the subject of several research reports. Barclays reduced their price objective 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. Chardan Capital reissued a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, May 7th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Citigroup initiated coverage on Avidity Biosciences in a research note on Thursday, March 13th. They set a “buy” rating and a $70.00 price objective for the company. Finally, BMO Capital Markets assumed coverage on Avidity Biosciences in a research note on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective for the company. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and a consensus target price of $66.38.

Avidity Biosciences Stock Performance

Avidity Biosciences stock opened at $30.81 on Friday. The business’s 50-day simple moving average is $29.09 and its 200-day simple moving average is $32.60. The firm has a market capitalization of $3.71 billion, a PE ratio of -10.70 and a beta of 1.00. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00.

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

About Avidity Biosciences

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.