Bayesian Capital Management LP Makes New Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

Bayesian Capital Management LP acquired a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 37,200 shares of the biotechnology company’s stock, valued at approximately $949,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of RNA. Avoro Capital Advisors LLC lifted its stake in Avidity Biosciences by 132.1% during the first quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock worth $148,654,000 after purchasing an additional 3,315,000 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Avidity Biosciences by 7.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock worth $189,592,000 after acquiring an additional 516,446 shares in the last quarter. Raymond James & Associates boosted its holdings in Avidity Biosciences by 127.6% during the 1st quarter. Raymond James & Associates now owns 295,718 shares of the biotechnology company’s stock valued at $7,547,000 after acquiring an additional 165,797 shares during the period. abrdn plc acquired a new position in Avidity Biosciences in the 4th quarter valued at about $1,171,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Avidity Biosciences by 301.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 166,019 shares of the biotechnology company’s stock worth $1,502,000 after purchasing an additional 124,633 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Evercore ISI lifted their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, June 12th. Bank of America upped their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Needham & Company LLC reiterated a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a research note on Monday, June 10th. Finally, Chardan Capital boosted their target price on Avidity Biosciences from $33.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, June 12th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and an average price target of $44.29.

Insider Buying and Selling

In related news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $45.01, for a total transaction of $225,050.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at $667,498.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $45.01, for a total transaction of $225,050.00. Following the completion of the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $667,498.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $25.54, for a total value of $715,120.00. Following the transaction, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at $2,863,468.18. The disclosure for this sale can be found here. Insiders have sold a total of 482,478 shares of company stock valued at $16,993,310 over the last quarter. 3.68% of the stock is currently owned by insiders.

Avidity Biosciences Stock Performance

Shares of RNA stock traded down $0.75 on Wednesday, reaching $44.55. 21,015 shares of the stock were exchanged, compared to its average volume of 1,316,258. Avidity Biosciences, Inc. has a twelve month low of $4.82 and a twelve month high of $48.80. The business’s 50 day moving average price is $37.47 and its 200 day moving average price is $26.33.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Wednesday, May 15th. The biotechnology company reported ($0.79) earnings per share for the quarter, beating the consensus estimate of ($0.81) by $0.02. The business had revenue of $3.54 million during the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative return on equity of 37.98% and a negative net margin of 2,103.78%. Sell-side analysts predict that Avidity Biosciences, Inc. will post -3.15 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.