Governors Lane LP Invests $8.85 Million in Avidity Biosciences, Inc. $RNA

Governors Lane LP bought a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, HoldingsChannel reports. The firm bought 122,733 shares of the biotechnology company’s stock, valued at approximately $8,853,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in RNA. Royal Bank of Canada lifted its stake in shares of Avidity Biosciences by 38.2% in the 1st quarter. Royal Bank of Canada now owns 44,304 shares of the biotechnology company’s stock valued at $1,308,000 after purchasing an additional 12,241 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Avidity Biosciences by 22.7% in the 1st quarter. NewEdge Advisors LLC now owns 23,837 shares of the biotechnology company’s stock valued at $704,000 after purchasing an additional 4,410 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Avidity Biosciences by 2.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company’s stock valued at $23,164,000 after purchasing an additional 21,649 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Avidity Biosciences by 7.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company’s stock valued at $10,560,000 after purchasing an additional 25,329 shares during the period. Finally, Strs Ohio purchased a new position in shares of Avidity Biosciences in the 1st quarter valued at approximately $180,000.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RNA. Weiss Ratings cut Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research note on Friday, May 22nd. HC Wainwright restated a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. Wells Fargo & Company began coverage on Avidity Biosciences in a research note on Wednesday, March 11th. They issued an “overweight” rating for the company. Finally, Leerink Partners began coverage on Avidity Biosciences in a research note on Friday, May 15th. They issued an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Avidity Biosciences presently has an average rating of “Hold” and an average price target of $71.25.

Avidity Biosciences Trading Down 1.0%

Shares of NASDAQ:RNA opened at $12.48 on Thursday. The stock has a fifty day simple moving average of $13.04 and a two-hundred day simple moving average of $40.35. The stock has a market capitalization of $213.48 million, a price-to-earnings ratio of -2.51 and a beta of 0.93. Avidity Biosciences, Inc. has a 12-month low of $11.40 and a 12-month high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.08. The business had revenue of $19.64 million during the quarter, compared to analysts’ expectations of $2.00 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current 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.