Balyasny Asset Management L.P. Buys New Position in Avidity Biosciences, Inc. $RNA

Balyasny Asset Management L.P. bought a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,040,590 shares of the biotechnology company’s stock, valued at approximately $435,708,000. Avidity Biosciences makes up approximately 0.6% of Balyasny Asset Management L.P.’s holdings, making the stock its 8th largest holding. Balyasny Asset Management L.P. owned approximately 3.90% of Avidity Biosciences as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in shares of Avidity Biosciences by 55.0% in the third quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock valued at $39,194,000 after acquiring an additional 319,282 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Avidity Biosciences by 173.2% in the third quarter. Envestnet Asset Management Inc. now owns 179,103 shares of the biotechnology company’s stock valued at $7,804,000 after acquiring an additional 113,545 shares in the last quarter. Aberdeen Group plc lifted its position in shares of Avidity Biosciences by 8.9% in the third quarter. Aberdeen Group plc now owns 304,828 shares of the biotechnology company’s stock valued at $13,281,000 after acquiring an additional 25,000 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Avidity Biosciences by 42.9% in the third quarter. Vanguard Group Inc. now owns 13,219,759 shares of the biotechnology company’s stock valued at $575,985,000 after acquiring an additional 3,971,457 shares in the last quarter. Finally, Fiera Capital Corp lifted its position in shares of Avidity Biosciences by 53.8% in the third quarter. Fiera Capital Corp now owns 1,202,384 shares of the biotechnology company’s stock valued at $52,388,000 after acquiring an additional 420,476 shares in the last quarter.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $12.48 on Thursday. Avidity Biosciences, Inc. has a one year low of $11.40 and a one year high of $16.77. The company has a market cap of $213.48 million, a price-to-earnings ratio of -2.51 and a beta of 0.93. The business’s 50 day moving average price is $13.04 and its 200 day moving average price is $40.35.

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

Wall Street Analysts Forecast Growth

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

Avidity Biosciences Company 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.