Avoro Capital Advisors LLC Raises Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Posted by on Jun 14th, 2023

Avoro Capital Advisors LLC raised its holdings in shares of Avidity Biosciences, Inc. (NASDAQ:RNA – Get Rating) by 41.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,050,000 shares of the biotechnology company’s stock after purchasing an additional 600,000 shares during the quarter. Avidity Biosciences makes up approximately 0.7% of Avoro Capital Advisors LLC’s portfolio, making the stock its 23rd largest holding. Avoro Capital Advisors LLC owned 3.76% of Avidity Biosciences worth $45,490,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Itau Unibanco Holding S.A. purchased a new stake in shares of Avidity Biosciences in the third quarter worth about $26,000. Belpointe Asset Management LLC purchased a new stake in shares of Avidity Biosciences in the fourth quarter worth about $44,000. Quantbot Technologies LP lifted its holdings in shares of Avidity Biosciences by 600.0% in the second quarter. Quantbot Technologies LP now owns 2,100 shares of the biotechnology company’s stock worth $30,000 after buying an additional 1,800 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Avidity Biosciences in the third quarter worth about $78,000. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Avidity Biosciences by 20.0% in the fourth quarter. Daiwa Securities Group Inc. now owns 5,735 shares of the biotechnology company’s stock worth $127,000 after buying an additional 955 shares in the last quarter.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA opened at $12.17 on Wednesday. Avidity Biosciences, Inc. has a one year low of $9.83 and a one year high of $25.74. The firm’s 50 day simple moving average is $12.66 and its two-hundred day simple moving average is $17.55. The stock has a market capitalization of $861.88 million, a P/E ratio of -3.62 and a beta of -0.09.

Wall Street Analysts Forecast Growth

RNA has been the topic of a number of recent analyst reports. Evercore ISI raised shares of Avidity Biosciences from an “in-line” rating to an “outperform” rating and set a $20.00 price target on the stock in a report on Monday, May 22nd. Credit Suisse Group decreased their price objective on shares of Avidity Biosciences from $35.00 to $30.00 and set an “outperform” rating on the stock in a research report on Friday, March 31st. Needham & Company LLC restated a “buy” rating and issued a $35.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, March 1st. 1-800-FLOWERS.COM restated a “reiterates” rating on shares of Avidity Biosciences in a research report on Friday, April 28th. Finally, Chardan Capital restated a “buy” rating and issued a $27.00 price objective on shares of Avidity Biosciences in a research report on Friday, March 31st. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $38.83.

About Avidity Biosciences

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Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; AOC 1044 for the treatment of Duchenne Muscular Dystrophy; and AOC 1020 designed to treat facioscapulohumeral muscular dystrophy which are in preclinical stage.

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Institutional Ownership by Quarter for Avidity Biosciences (NASDAQ:RNA)

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