Recently, several institutional investors and hedge funds increased their investments in Avidity Biosciences (RNA). For example, Avoro Capital Advisors raised their stake by 132.1%, owning 5.8 million shares worth about $148.7 million. Janus Henderson Group boosted its holdings by 4,661.3%, now owning 1.24 million shares valued at $31.7 million after acquiring over 1.2 million shares. RA Capital Management increased its shares by 33.7%, holding 3.28 million shares valued at $83.8 million. D.E. Shaw & Co. raised its stake by an impressive 2,263.7%, owning 739,039 shares worth $30.2 million. Farallon Capital Management also entered with a new stake valued at approximately $15.5 million.
Insider Activity
In other news, CEO Sarah Boyce sold 28,000 shares on August 6th for $1.21 million, leaving her with 205,043 shares valued at about $8.9 million. This sale represents no change in her ownership percentage. The transaction was filed with the SEC. Insider Teresa McCarthy sold 25,000 shares on October 16th for approximately $1.21 million, now owning 94,018 shares worth around $4.56 million. Overall, insiders sold 150,543 shares valued at $6.76 million over the past 90 days. Company insiders hold 3.68% of Avidity Biosciences stock.
Analyst Ratings
Analysts have recently updated their views on RNA shares. Evercore ISI reduced its price target from $54 to $53 but maintains an “outperform” rating. Barclays rated the company “overweight” with a target of $63. Cantor Fitzgerald reaffirmed an “overweight” rating with a $96 target. Goldman Sachs started coverage with a “buy” rating and a target of $59. Chardan Capital raised its target from $45 to $60. Overall, eight analysts suggest buying the stock, which has an average target of $60.75 according to MarketBeat.com.
Avidity Biosciences Stock Performance
Avidity Biosciences stock opened at $50.45 on Friday. It has a 52-week range of $4.82 to $50.78, with a market cap of $5.54 billion and a PE ratio of -17.16. The company reported earnings of ($0.65) per share, better than the expected ($0.76), with $2.05 million in revenue, below the $7.09 million estimate. Analysts expect an average EPS of -3.01 for the year.
Avidity Biosciences Overview
Avidity Biosciences is a biopharmaceutical firm focused on RNA therapeutics, notably its leading product candidate, AOC 1001, targeting myotonic dystrophy type 1 in a phase 1/2 clinical trial.
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