Castleark Management LLC Acquires New Holdings in Avidity Biosciences, Inc. (NASDAQ:RNA)

Castleark Management LLC bought a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 57,110 shares of the biotechnology company’s stock, valued at approximately $2,623,000.

Several other hedge funds have also modified their holdings of the company. Wellington Management Group LLP increased its position in shares of Avidity Biosciences by 84.9% during the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after purchasing an additional 3,228,923 shares in the last quarter. State Street Corp increased its position in Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after buying an additional 1,386,087 shares in the last quarter. Stifel Financial Corp purchased a new stake in Avidity Biosciences in the third quarter valued at about $368,000. RA Capital Management L.P. boosted its holdings in Avidity Biosciences by 16.7% in the third quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after acquiring an additional 900,000 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Avidity Biosciences by 33.9% during the third quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company’s stock worth $224,774,000 after acquiring an additional 1,239,323 shares during the last quarter.

Avidity Biosciences Stock Up 3.8 %

Shares of RNA opened at $38.27 on Friday. The stock’s 50-day moving average price is $44.94 and its 200-day moving average price is $41.74. Avidity Biosciences, Inc. has a 52 week low of $6.79 and a 52 week high of $56.00. The company has a market capitalization of $4.57 billion, a price-to-earnings ratio of -13.29 and a beta of 0.89.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. The business had revenue of $2.34 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the sale, the insider now directly owns 94,018 shares in the company, valued at $4,561,753.36. This represents a 21.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Arthur A. Levin sold 3,323 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total value of $139,964.76. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at approximately $624,639.60. The trade was a 18.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 150,866 shares of company stock worth $6,724,557 over the last ninety days. Corporate insiders own 3.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RNA. TD Cowen lifted their target price on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Cantor Fitzgerald reiterated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Monday, September 16th. Evercore ISI cut their target price on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group initiated coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective on the stock. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has an average rating of “Buy” and an average price target of $63.60.

Avidity Biosciences Profile

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.