Avidity Biosciences, Inc. $RNA Shares Sold by Sofinnova Investments Inc.

Sofinnova Investments Inc. trimmed its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 14.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 745,116 shares of the biotechnology company’s stock after selling 130,809 shares during the period. Avidity Biosciences makes up about 2.2% of Sofinnova Investments Inc.’s portfolio, making the stock its 14th biggest position. Sofinnova Investments Inc.’s holdings in Avidity Biosciences were worth $53,745,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Avidity Biosciences by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 13,649,250 shares of the biotechnology company’s stock valued at $984,520,000 after acquiring an additional 429,491 shares during the period. Wellington Management Group LLP lifted its stake in Avidity Biosciences by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock valued at $438,540,000 after acquiring an additional 815,497 shares during the period. RA Capital Management L.P. increased its holdings in shares of Avidity Biosciences by 18.9% during the 3rd quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock valued at $376,490,000 after purchasing an additional 1,375,000 shares in the last quarter. Avoro Capital Advisors LLC increased its holdings in shares of Avidity Biosciences by 8.4% during the 3rd quarter. Avoro Capital Advisors LLC now owns 7,645,000 shares of the biotechnology company’s stock valued at $333,093,000 after purchasing an additional 595,000 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Avidity Biosciences by 118.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,776,785 shares of the biotechnology company’s stock valued at $272,420,000 after purchasing an additional 2,044,316 shares in the last quarter.

Avidity Biosciences Stock Up 3.1%

Avidity Biosciences stock opened at $12.75 on Tuesday. Avidity Biosciences, Inc. has a 52-week low of $11.40 and a 52-week high of $16.77. The firm has a market capitalization of $218.10 million, a price-to-earnings ratio of -2.57 and a beta of 0.93. The company has a fifty day simple moving average of $13.08 and a 200-day simple moving average of $41.19.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.08. The business had revenue of $19.64 million during the quarter, compared to analyst estimates 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, research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.