Several institutional investors have recently changed their holdings in Avidity Biosciences (NASDAQ: RNA). For example, Avoro Capital Advisors increased its stake by 132.1%, owning now 5,825,000 shares worth $148.7 million after buying 3,315,000 additional shares. Janus Henderson Group raised its holdings by 4,661.3%, now owning 1,242,833 shares valued at $31.7 million following a purchase of 1,216,730 shares.
RA Capital Management grew its position by 33.7%, with 3,282,180 shares now valued at $83.8 million. D.E. Shaw & Co. increased its holdings by 2,263.7%, owning 739,039 shares worth $30.2 million after acquiring 707,773 shares. Moreover, Farallon Capital Management bought a new stake in Avidity worth about $15.5 million.
Insider Activity
In related news, CEO Sarah Boyce sold 28,000 shares on August 6 for $1.2 million, maintaining ownership of 205,043 shares worth about $8.9 million. This represented no change in her ownership percentage. Insider Teresa McCarthy sold 25,000 shares on October 16 for $1.2 million and now owns 94,018 shares valued at approximately $4.6 million. Over the past 90 days, insiders have sold 150,543 shares totaling $6.8 million, with insiders owning 3.68% of the company’s stock.
Analyst Ratings
Various analysts have commented on Avidity stocks. Evercore ISI lowered its target price from $54.00 to $53.00 while maintaining an “outperform” rating. Barclays initiated coverage with an “overweight” rating and a $63.00 target. Cantor Fitzgerald maintained an “overweight” rating with a $96.00 target, while Goldman Sachs initiated coverage with a “buy” rating and a $59.00 target. Chardan Capital raised their target from $45.00 to $60.00. Overall, the stock has an average rating of “Buy” and a target price of $60.75 according to MarketBeat.com.
Read Our Latest Research Report on Avidity Biosciences
Avidity Biosciences Stock Performance
The Avidity Biosciences stock opened at $50.45 recently, with a 52-week low of $4.82 and a high of $50.78. The market cap is $5.54 billion with a PE ratio of -17.16. The company reported earnings of -$0.65 per share, which exceeded estimates of -$0.76. It generated $2.05 million in revenue, below analyst expectations of $7.09 million. Analysts predict an EPS of -$3.01 for the current year.
Avidity Biosciences Profile
Avidity Biosciences is a biopharmaceutical company focused on RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) aimed at treating previously untreatable diseases, with its lead product candidate AOC 1001 in phase 1/2 trials for myotonic dystrophy type 1.
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