Braidwell LP Takes $14.46 Million Position in Avidity Biosciences, Inc. $RNA

Braidwell LP purchased a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 331,907 shares of the biotechnology company’s stock, valued at approximately $14,461,000. Braidwell LP owned 0.22% of Avidity Biosciences at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Brandywine Managers LLC acquired a new stake in Avidity Biosciences in the third quarter valued at approximately $546,000. Ameriprise Financial Inc. raised its stake in shares of Avidity Biosciences by 6.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 13,784 shares of the biotechnology company’s stock worth $601,000 after buying an additional 821 shares during the period. Creative Planning raised its stake in shares of Avidity Biosciences by 33.3% during the 3rd quarter. Creative Planning now owns 52,333 shares of the biotechnology company’s stock worth $2,280,000 after buying an additional 13,073 shares during the period. SummitTX Capital L.P. lifted its position in shares of Avidity Biosciences by 122.4% during the 3rd quarter. SummitTX Capital L.P. now owns 49,142 shares of the biotechnology company’s stock valued at $2,141,000 after buying an additional 27,046 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its position in shares of Avidity Biosciences by 10.2% during the 3rd quarter. Raymond James Financial Inc. now owns 166,611 shares of the biotechnology company’s stock valued at $7,259,000 after buying an additional 15,376 shares in the last quarter.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, CEO Sarah Boyce sold 14,387 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $1,042,338.15. Following the sale, the chief executive officer directly owned 269,007 shares in the company, valued at approximately $19,489,557.15. The trade was a 5.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael F. Maclean sold 4,542 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $329,067.90. Following the completion of the transaction, the chief financial officer directly owned 59,290 shares in the company, valued at $4,295,560.50. The trade was a 7.12% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 58,407 shares of company stock worth $4,226,448. Corporate insiders own 3.83% of the company’s stock.

Avidity Biosciences Price Performance

RNA opened at $13.75 on Friday. Avidity Biosciences, Inc. has a 1-year low of $13.57 and a 1-year high of $16.77. The company’s 50 day simple moving average is $59.97 and its two-hundred day simple moving average is $59.67.

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

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.