Suvretta Capital Management LLC Buys Shares of 750,000 Avidity Biosciences, Inc. $RNA

Suvretta Capital Management LLC bought a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 750,000 shares of the biotechnology company’s stock, valued at approximately $32,678,000. Suvretta Capital Management LLC owned approximately 0.50% of Avidity Biosciences as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. AlphaQuest LLC lifted its stake in shares of Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during the last quarter. California State Teachers Retirement System raised its holdings in Avidity Biosciences by 0.5% during the second quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock valued at $2,563,000 after buying an additional 466 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Avidity Biosciences by 32.4% during the third quarter. PNC Financial Services Group Inc. now owns 1,954 shares of the biotechnology company’s stock valued at $85,000 after buying an additional 478 shares in the last quarter. Guggenheim Capital LLC lifted its position in shares of Avidity Biosciences by 1.6% in the second quarter. Guggenheim Capital LLC now owns 32,602 shares of the biotechnology company’s stock worth $926,000 after buying an additional 519 shares during the last quarter. Finally, Comerica Bank boosted its stake 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 acquiring an additional 576 shares in the last quarter.

Avidity Biosciences Stock Down 5.4%

Shares of NASDAQ:RNA opened at $13.75 on Friday. The stock’s 50-day moving average is $59.97 and its 200-day moving average is $59.58. Avidity Biosciences, Inc. has a 52-week low of $13.57 and a 52-week high of $16.77.

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

Insider Buying and Selling

In related news, insider Steven George Hughes sold 4,895 shares of the company’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $354,642.75. Following the completion of the transaction, the insider directly owned 31,599 shares in the company, valued at $2,289,347.55. This represents a 13.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Arthur A. Levin sold 1,758 shares of the stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $127,367.10. Following the completion of the sale, the director directly owned 16,562 shares of the company’s stock, valued at approximately $1,199,916.90. This trade represents a 9.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 58,407 shares of company stock valued at $4,226,448 in the last ninety days. Company insiders own 3.83% of the company’s stock.

Wall Street Analysts Forecast Growth

RNA has been the topic of a number of analyst reports. Evercore set a $72.00 price objective on Avidity Biosciences in a report on Thursday, December 18th. Wells Fargo & Company began coverage on Avidity Biosciences in a research report on Wednesday. They set an “overweight” rating and a $25.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Avidity Biosciences presently has an average rating of “Hold” and an average price target of $66.79.

About Avidity Biosciences

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.