Melqart Asset Management UK Ltd Makes New $25.66 Million Investment in Avidity Biosciences, Inc. $RNA

Melqart Asset Management UK Ltd acquired a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, HoldingsChannel reports. The firm acquired 355,691 shares of the biotechnology company’s stock, valued at approximately $25,656,000. Avidity Biosciences comprises about 2.5% of Melqart Asset Management UK Ltd’s holdings, making the stock its 17th largest position.

Other institutional investors also recently made changes to their positions in the company. AlphaQuest LLC grew its holdings in shares of Avidity Biosciences by 123.0% during 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. Los Angeles Capital Management LLC bought a new stake in Avidity Biosciences in the fourth quarter worth $34,000. Smartleaf Asset Management LLC lifted its stake in Avidity Biosciences by 426.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 397 shares during the last quarter. Allworth Financial LP boosted its position in 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 buying an additional 159 shares during the period. Finally, Osaic Holdings Inc. grew 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 buying an additional 1,543 shares during the last quarter.

Avidity Biosciences Trading Down 1.1%

RNA stock opened at $12.61 on Wednesday. The stock has a market capitalization of $215.71 million, a price-to-earnings ratio of -2.54 and a beta of 0.93. The firm’s 50-day moving average price is $13.06 and its two-hundred day moving average price is $40.77. Avidity Biosciences, Inc. has a 12-month low of $11.40 and a 12-month high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.08. The company 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%. Equities analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on RNA. HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a report on Friday, May 1st. Weiss Ratings cut Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a report on Friday, May 22nd. Wells Fargo & Company initiated coverage on Avidity Biosciences in a research note on Wednesday, March 11th. They issued an “overweight” rating on the stock. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Finally, Leerink Partners started coverage on Avidity Biosciences in a research note on Friday, May 15th. They set an “outperform” rating for the company. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Avidity Biosciences presently has an average rating of “Hold” and a consensus price target of $71.25.

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.