JPMorgan Chase & Co. Increases Stock Position in Avidity Biosciences, Inc. $RNA

JPMorgan Chase & Co. grew its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 55.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 899,557 shares of the biotechnology company’s stock after purchasing an additional 319,282 shares during the period. JPMorgan Chase & Co.’s holdings in Avidity Biosciences were worth $39,194,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. AlphaQuest LLC grew its holdings in Avidity Biosciences by 123.0% during the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after acquiring an additional 331 shares during the period. CWM LLC lifted its holdings in Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after acquiring an additional 605 shares during the period. Westside Investment Management Inc. purchased a new stake in shares of Avidity Biosciences during the 2nd quarter worth $29,000. PNC Financial Services Group Inc. grew its stake in shares of Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 1,099 shares during the period. Finally, Osaic Holdings Inc. increased its holdings in shares of Avidity Biosciences by 1,659.1% in the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock valued at $48,000 after purchasing an additional 1,543 shares in the last quarter.

Insider Buying and Selling

In related 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 transaction of $1,042,338.15. Following the completion of the sale, the chief executive officer owned 269,007 shares in the company, valued at approximately $19,489,557.15. This trade represents a 5.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Michael F. Maclean sold 4,542 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $329,067.90. Following the completion of the transaction, the chief financial officer owned 59,290 shares in the company, valued at approximately $4,295,560.50. This trade represents a 7.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 58,407 shares of company stock valued at $4,226,448. Company insiders own 3.83% of the company’s stock.

Wall Street Analysts Forecast Growth

RNA has been the topic of a number of research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Evercore set a $72.00 price target on Avidity Biosciences in a research note on Thursday, December 18th. Chardan Capital restated a “neutral” rating and issued a $72.00 price target on shares of Avidity Biosciences in a report on Tuesday, November 11th. Finally, TD Cowen reaffirmed a “hold” rating on shares of Avidity Biosciences in a report on Wednesday, November 12th. Eight research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $69.57.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA opened at $72.81 on Friday. The firm’s 50-day moving average is $72.55 and its two-hundred day moving average is $61.91. The company has a market capitalization of $11.30 billion, a PE ratio of -14.65 and a beta of 0.93. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $73.06.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.24) by ($0.35). Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The company had revenue of $0.86 million for the quarter, compared to analyst estimates of $1.98 million. On average, analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

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.