MPM Bioimpact LLC Has $20.44 Million Position in Avidity Biosciences, Inc. (NASDAQ:RNA)

MPM Bioimpact LLC grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 2.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 702,981 shares of the biotechnology company’s stock after acquiring an additional 14,006 shares during the quarter. Avidity Biosciences comprises about 2.9% of MPM Bioimpact LLC’s portfolio, making the stock its 10th largest position. MPM Bioimpact LLC owned 0.59% of Avidity Biosciences worth $20,443,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in RNA. Nicholas Investment Partners LP bought a new stake in shares of Avidity Biosciences in the 4th quarter valued at about $2,023,000. Millennium Management LLC increased its holdings in shares of Avidity Biosciences by 29.2% during the 4th quarter. Millennium Management LLC now owns 23,941 shares of the biotechnology company’s stock valued at $696,000 after purchasing an additional 5,405 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Avidity Biosciences by 44.1% during the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock valued at $205,134,000 after purchasing an additional 2,156,844 shares in the last quarter. Ensign Peak Advisors Inc increased its holdings in shares of Avidity Biosciences by 24.8% during the 4th quarter. Ensign Peak Advisors Inc now owns 27,950 shares of the biotechnology company’s stock valued at $813,000 after purchasing an additional 5,550 shares in the last quarter. Finally, FORA Capital LLC purchased a new position in shares of Avidity Biosciences during the 4th quarter valued at approximately $546,000.

Wall Street Analyst Weigh In

RNA has been the subject of several recent analyst reports. Chardan Capital reissued a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, May 7th. Citigroup initiated coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Scotiabank initiated coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price target for the company. Finally, Barclays cut their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and an average price target of $66.38.

Insider Buying and Selling

In related news, insider Steven George Hughes sold 9,578 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $297,492.68. Following the completion of the transaction, the insider now owns 72,850 shares of the company’s stock, valued at approximately $2,262,721. The trade was a 11.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sarah Boyce sold 31,540 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total transaction of $979,632.40. Following the transaction, the chief executive officer now directly owns 305,871 shares of the company’s stock, valued at approximately $9,500,353.26. This represents a 9.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,803 shares of company stock worth $1,877,437 in the last three months. Corporate insiders own 3.68% of the company’s stock.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA opened at $29.88 on Wednesday. Avidity Biosciences, Inc. has a one year low of $21.51 and a one year high of $56.00. The company’s fifty day moving average is $29.26 and its two-hundred day moving average is $33.19. The firm has a market capitalization of $3.60 billion, a P/E ratio of -10.38 and a beta of 1.00.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). The company had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $2.63 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. On average, sell-side analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

About Avidity Biosciences

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.