ExodusPoint Capital Management LP Invests $984,000 in Avidity Biosciences, Inc. (NASDAQ:RNA)

ExodusPoint Capital Management LP purchased a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 33,844 shares of the biotechnology company's stock, valued at approximately $984,000.

A number of other hedge funds have also recently modified their holdings of RNA. HighTower Advisors LLC purchased a new position in Avidity Biosciences in the third quarter worth approximately $498,000. Stifel Financial Corp purchased a new stake in Avidity Biosciences in the 3rd quarter valued at about $368,000. State Street Corp lifted its position in Avidity Biosciences by 41.7% in the third 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 during the last quarter. National Bank of Canada FI purchased a new position in Avidity Biosciences during the third quarter worth about $27,000. Finally, XTX Topco Ltd acquired a new stake in shares of Avidity Biosciences during the third quarter valued at about $277,000.

Analysts Set New Price Targets

A number of research analysts have commented on RNA shares. Citigroup began coverage on Avidity Biosciences in a research note on Thursday, March 13th. They set a "buy" rating and a $70.00 price target on the stock. Scotiabank began coverage on shares of Avidity Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price target on the stock. Chardan Capital restated a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Needham & Company LLC restated a "buy" rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Finally, Barclays decreased their target price on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating for the company in a report on Friday, February 28th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $66.69.

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Avidity Biosciences Trading Down 3.1 %

Shares of Avidity Biosciences stock traded down $0.82 on Wednesday, hitting $25.86. The stock had a trading volume of 149,545 shares, compared to its average volume of 1,391,009. The company's 50 day moving average price is $29.98 and its 200 day moving average price is $35.57. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of -8.98 and a beta of 1.01. Avidity Biosciences, Inc. has a 52-week low of $21.51 and a 52-week high of $56.00.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) EPS for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The business had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 million. Analysts predict that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Activity at Avidity Biosciences

In other news, CFO Michael F. Maclean sold 3,287 shares of Avidity Biosciences stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $93,975.33. Following the sale, the chief financial officer now owns 104,655 shares of the company's stock, valued at $2,992,086.45. The trade was a 3.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Teresa Mccarthy sold 2,959 shares of the firm's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $84,597.81. Following the completion of the sale, the insider now owns 104,908 shares of the company's stock, valued at approximately $2,999,319.72. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,318 shares of company stock worth $2,405,390 in the last quarter. Company insiders own 3.68% of the company's stock.

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.