625,000 Shares in Avidity Biosciences, Inc. $RNA Purchased by Baker BROS. Advisors LP

Baker BROS. Advisors LP acquired a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 625,000 shares of the biotechnology company’s stock, valued at approximately $27,231,000. Baker BROS. Advisors LP owned about 0.41% of Avidity Biosciences as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AlphaQuest LLC increased its stake in shares of Avidity Biosciences by 123.0% in the third 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 period. CWM LLC raised its holdings in shares of Avidity Biosciences by 1,635.1% during the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 605 shares during the last quarter. Comerica Bank boosted its position in shares of Avidity Biosciences by 75.9% during the third quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock worth $58,000 after buying an additional 576 shares during the period. PNC Financial Services Group Inc. grew its holdings in Avidity Biosciences by 291.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after buying an additional 1,099 shares in the last quarter. Finally, Osaic Holdings Inc. grew its holdings in Avidity Biosciences by 1,659.1% in the 2nd 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 in the last quarter.

Analysts Set New Price Targets

RNA has been the topic of several analyst reports. Evercore set a $72.00 target price on Avidity Biosciences in a research report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Finally, Wells Fargo & Company began coverage on Avidity Biosciences in a report on Wednesday. They set an “overweight” rating and a $25.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $66.79.

Avidity Biosciences Trading Down 5.4%

NASDAQ RNA opened at $13.75 on Friday. Avidity Biosciences, Inc. has a 12 month low of $13.57 and a 12 month high of $16.77. The company’s 50 day simple moving average is $59.97 and its 200 day simple moving average is $59.67.

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

Insider Buying and Selling

In other news, insider Steven George Hughes sold 4,895 shares of the company’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $354,642.75. Following the completion of the sale, the insider owned 31,599 shares in the company, valued at $2,289,347.55. This represents a 13.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Arthur A. Levin sold 1,758 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 $127,367.10. Following the transaction, the director directly owned 16,562 shares in the company, valued at approximately $1,199,916.90. The trade was a 9.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 58,407 shares of company stock worth $4,226,448. 3.83% of the stock is owned by corporate insiders.

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.