Sand Grove Capital Management LLP Invests $23.92 Million in Avidity Biosciences, Inc. $RNA

Sand Grove Capital Management LLP purchased a new position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 331,605 shares of the biotechnology company’s stock, valued at approximately $23,919,000. Avidity Biosciences makes up approximately 8.1% of Sand Grove Capital Management LLP’s holdings, making the stock its 6th biggest holding. Sand Grove Capital Management LLP owned 0.21% of Avidity Biosciences at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Avidity Biosciences by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 13,649,250 shares of the biotechnology company’s stock worth $984,520,000 after buying an additional 429,491 shares in the last quarter. Wellington Management Group LLP grew its holdings in Avidity Biosciences by 8.8% during the third quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock worth $438,540,000 after buying an additional 815,497 shares in the last quarter. RA Capital Management L.P. grew its holdings in Avidity Biosciences by 18.9% during the third quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock worth $376,490,000 after buying an additional 1,375,000 shares in the last quarter. Avoro Capital Advisors LLC grew its holdings in Avidity Biosciences by 8.4% during the third quarter. Avoro Capital Advisors LLC now owns 7,645,000 shares of the biotechnology company’s stock worth $333,093,000 after buying an additional 595,000 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Avidity Biosciences by 118.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,776,785 shares of the biotechnology company’s stock worth $272,420,000 after buying an additional 2,044,316 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a report on Friday, May 1st. Wells Fargo & Company assumed coverage on Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating for the company. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. Weiss Ratings downgraded Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a report on Friday, May 22nd. Finally, Leerink Partners initiated coverage on Avidity Biosciences in a research note on Friday, May 15th. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $71.25.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $12.61 on Wednesday. The company has a market capitalization of $215.71 million, a PE ratio of -2.54 and a beta of 0.93. The business has a fifty day moving average price of $13.06 and a two-hundred day moving average price of $40.77. Avidity Biosciences, Inc. has a 1 year low of $11.40 and a 1 year high of $16.77.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.08. The firm had revenue of $19.64 million during the quarter, compared to the consensus estimate of $2.00 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Avidity Biosciences Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.