NEOS Investment Management LLC Acquires New Shares in Avidity Biosciences, Inc. $RNA

NEOS Investment Management LLC bought a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the third quarter, HoldingsChannel.com reports. The firm bought 11,978 shares of the biotechnology company’s stock, valued at approximately $522,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in RNA. AlphaQuest LLC boosted its stake in shares of Avidity Biosciences by 123.0% in 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 in the last quarter. CWM LLC lifted its stake in Avidity Biosciences by 1,635.1% in the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 605 shares during the last quarter. Westside Investment Management Inc. acquired a new stake in Avidity Biosciences in the second quarter valued at approximately $29,000. PNC Financial Services Group Inc. boosted its position in Avidity Biosciences by 291.5% in the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 1,099 shares in the last quarter. 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 worth $48,000 after buying an additional 1,543 shares during the last quarter.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $72.86 on Friday. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $73.06. The company has a 50 day simple moving average of $72.49 and a two-hundred day simple moving average of $61.30. The company has a market capitalization of $11.27 billion, a PE ratio of -17.43 and a beta of 0.93.

Analysts Set New Price Targets

A number of brokerages have issued reports on RNA. Chardan Capital reaffirmed a “neutral” rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Leerink Partners lowered shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. HC Wainwright downgraded shares of Avidity Biosciences from a “buy” rating to a “neutral” rating and cut their target price for the stock from $87.00 to $72.00 in a research report on Monday, October 27th. Finally, Loop Capital set a $72.00 price target on shares of Avidity Biosciences in a research report on Tuesday, October 28th. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $69.57.

Insider Buying and Selling at Avidity Biosciences

In other news, CEO Sarah Boyce sold 14,387 shares of Avidity Biosciences stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $1,042,338.15. Following the completion of the transaction, the chief executive officer directly owned 269,007 shares of the company’s stock, valued at approximately $19,489,557.15. This trade represents a 5.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Charles Calderaro III sold 3,727 shares of the business’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $72.23, for a total value of $269,201.21. Following the completion of the transaction, the insider directly owned 49,797 shares in the company, valued at $3,596,837.31. This represents a 6.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 58,407 shares of company stock valued at $4,226,448 over the last three months. 3.83% of the stock is currently owned by corporate insiders.

Avidity Biosciences Company 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.