Finepoint Capital LP Invests $11.38 Million in Avidity Biosciences, Inc. (NASDAQ:RNA)

Finepoint Capital LP purchased a new stake in Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 391,300 shares of the biotechnology company's stock, valued at approximately $11,379,000. Avidity Biosciences comprises 0.7% of Finepoint Capital LP's portfolio, making the stock its 14th biggest position. Finepoint Capital LP owned 0.33% of Avidity Biosciences at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Y Intercept Hong Kong Ltd acquired a new position in Avidity Biosciences in the fourth quarter valued at about $386,000. Lord Abbett & CO. LLC grew its position in shares of Avidity Biosciences by 30.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company's stock valued at $24,766,000 after purchasing an additional 124,867 shares during the period. Neo Ivy Capital Management bought a new stake in Avidity Biosciences during the 3rd quarter worth approximately $762,000. Bank of New York Mellon Corp raised its holdings in Avidity Biosciences by 19.5% during the 4th quarter. Bank of New York Mellon Corp now owns 363,017 shares of the biotechnology company's stock worth $10,557,000 after buying an additional 59,295 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company's stock valued at $274,280,000 after buying an additional 205,027 shares in the last quarter.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RNA. Needham & Company LLC reissued a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday. Royal Bank of Canada reiterated an "outperform" rating and set a $67.00 target price on shares of Avidity Biosciences in a report on Tuesday, January 21st. Scotiabank started coverage on Avidity Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price target on the stock. BMO Capital Markets initiated coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an "outperform" rating and a $72.00 price objective for the company. Finally, Citigroup began coverage on Avidity Biosciences in a research note on Thursday, March 13th. They issued a "buy" rating and a $70.00 target price on the stock. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avidity Biosciences currently has an average rating of "Buy" and a consensus price target of $66.69.

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Avidity Biosciences Stock Performance

NASDAQ:RNA traded up $1.45 during mid-day trading on Friday, hitting $25.56. The stock had a trading volume of 363,431 shares, compared to its average volume of 1,480,424. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of -8.88 and a beta of 1.01. The company's 50 day simple moving average is $30.46 and its 200 day simple moving average is $35.93.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). The business had revenue of $2.97 million during the quarter, compared to analyst estimates of $1.74 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 forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Activity at Avidity Biosciences

In related news, CFO Michael F. Maclean sold 3,287 shares of the business's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the completion of the sale, the chief financial officer now directly owns 104,655 shares in the company, valued at $2,992,086.45. The trade was a 3.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Kathleen P. Gallagher sold 5,875 shares of the business's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the sale, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,318 shares of company stock worth $2,405,390. Insiders own 3.68% of the company's stock.

Avidity Biosciences Company 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.