114,236 Shares in Avidity Biosciences, Inc. $RNA Acquired by Cantor Fitzgerald L. P.

Cantor Fitzgerald L. P. purchased a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 114,236 shares of the biotechnology company’s stock, valued at approximately $4,977,000. Cantor Fitzgerald L. P. owned approximately 0.08% of Avidity Biosciences at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of RNA. Vanguard Group Inc. lifted its holdings in shares of Avidity Biosciences by 42.9% during the third quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock valued at $575,985,000 after acquiring an additional 3,971,457 shares during the period. Wellington Management Group LLP grew its holdings in shares of Avidity Biosciences by 8.8% in the 3rd quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock worth $438,540,000 after purchasing an additional 815,497 shares during the last quarter. RA Capital Management L.P. increased its position in shares of Avidity Biosciences by 18.9% during the 3rd quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock worth $376,490,000 after purchasing an additional 1,375,000 shares in the last quarter. Avoro Capital Advisors LLC lifted its holdings in Avidity Biosciences by 8.4% during the 3rd quarter. Avoro Capital Advisors LLC now owns 7,645,000 shares of the biotechnology company’s stock valued at $333,093,000 after purchasing an additional 595,000 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Avidity Biosciences by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 2,847,965 shares of the biotechnology company’s stock valued at $80,893,000 after purchasing an additional 92,719 shares during the last quarter.

Avidity Biosciences Stock Performance

RNA opened at $13.75 on Friday. Avidity Biosciences, Inc. has a 1-year low of $13.57 and a 1-year high of $16.77. The firm has a 50-day moving average price of $59.97 and a two-hundred day moving average price of $59.67.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. As a group, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Evercore set a $72.00 price objective on shares of Avidity Biosciences in a research note on Thursday, December 18th. Wells Fargo & Company initiated coverage on Avidity Biosciences in a report on Wednesday. They issued an “overweight” rating and a $25.00 target price on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Hold” and a consensus target price of $66.79.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Charles Calderaro III sold 3,727 shares of the company’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $72.23, for a total transaction of $269,201.21. Following the transaction, the insider owned 49,797 shares of the company’s stock, valued at approximately $3,596,837.31. This represents a 6.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael F. Maclean sold 4,542 shares of the stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $329,067.90. Following the completion of the transaction, the chief financial officer owned 59,290 shares in the company, valued at $4,295,560.50. The trade was a 7.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 58,407 shares of company stock worth $4,226,448 over the last ninety days. 3.83% of the stock is currently owned by 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.