Goldman Sachs Group Inc. Acquires 2,044,316 Shares of Avidity Biosciences, Inc. $RNA

Goldman Sachs Group Inc. grew its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 118.0% during the 4th quarter, HoldingsChannel reports. The firm owned 3,776,785 shares of the biotechnology company’s stock after purchasing an additional 2,044,316 shares during the quarter. Goldman Sachs Group Inc.’s holdings in Avidity Biosciences were worth $272,420,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of RNA. AlphaQuest LLC increased its holdings in Avidity Biosciences by 123.0% in the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 331 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Avidity Biosciences by 22.8% during the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 159 shares in the last quarter. Osaic Holdings Inc. boosted its stake in shares of Avidity Biosciences by 1,659.1% during the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,543 shares in the last quarter. Comerica Bank boosted its stake in shares of Avidity Biosciences by 75.9% during the third quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock valued at $58,000 after purchasing an additional 576 shares in the last quarter. Finally, Clearstead Advisors LLC acquired a new stake in shares of Avidity Biosciences during the fourth quarter valued at about $72,000.

Analyst Ratings Changes

RNA has been the topic of a number of recent research reports. HC Wainwright reissued a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. Leerink Partners initiated coverage on Avidity Biosciences in a research note on Friday, May 15th. They set an “outperform” rating on the stock. Weiss Ratings lowered Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research note on Friday, May 22nd. Finally, Wells Fargo & Company initiated coverage on Avidity Biosciences in a research note on Wednesday, March 11th. They set an “overweight” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $69.42.

Avidity Biosciences Trading Down 4.1%

NASDAQ RNA opened at $11.80 on Friday. The business’s 50-day moving average price is $13.23 and its two-hundred day moving average price is $43.86. Avidity Biosciences, Inc. has a 12 month low of $11.77 and a 12 month high of $16.77. The firm has a market capitalization of $201.85 million, a PE ratio of -2.37 and a beta of 0.93.

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