Privium Fund Management B.V. Purchases 14,200 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Privium Fund Management B.V. grew its position in Avidity Biosciences, Inc. (NASDAQ:RNA) by 176.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,242 shares of the biotechnology company’s stock after acquiring an additional 14,200 shares during the period. Privium Fund Management B.V.’s holdings in Avidity Biosciences were worth $863,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Avidity Biosciences by 7.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock worth $189,592,000 after buying an additional 516,446 shares during the period. Avoro Capital Advisors LLC boosted its holdings in shares of Avidity Biosciences by 132.1% during the 1st quarter. Avoro Capital Advisors LLC now owns 5,825,000 shares of the biotechnology company’s stock worth $148,654,000 after buying an additional 3,315,000 shares during the period. RA Capital Management L.P. boosted its holdings in shares of Avidity Biosciences by 33.7% during the 1st quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock worth $83,761,000 after buying an additional 827,647 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Avidity Biosciences by 4,661.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock worth $31,704,000 after buying an additional 1,216,730 shares during the period. Finally, Farallon Capital Management LLC bought a new stake in shares of Avidity Biosciences during the 1st quarter worth about $15,467,000.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Barclays started coverage on shares of Avidity Biosciences in a report on Wednesday. They set an “overweight” rating and a $63.00 target price for the company. Bank of America lifted their price objective on shares of Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Chardan Capital lifted their price objective on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Evercore ISI dropped their price objective on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $55.86.

Insiders Place Their Bets

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $45.19, for a total transaction of $225,950.00. Following the sale, the director now directly owns 14,830 shares of the company’s stock, valued at approximately $670,167.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Arthur A. Levin sold 40,000 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $35.07, for a total transaction of $1,402,800.00. Following the transaction, the director now directly owns 213,872 shares of the company’s stock, valued at $7,500,491.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $45.19, for a total transaction of $225,950.00. Following the transaction, the director now directly owns 14,830 shares in the company, valued at $670,167.70. The disclosure for this sale can be found here. Insiders have sold 407,478 shares of company stock valued at $15,447,440 in the last ninety days. 3.68% of the stock is currently owned by insiders.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA traded up $1.36 during midday trading on Friday, hitting $44.00. The stock had a trading volume of 1,095,332 shares, compared to its average volume of 1,401,873. The company’s 50-day moving average price is $43.26 and its 200-day moving average price is $31.41. Avidity Biosciences, Inc. has a fifty-two week low of $4.82 and a fifty-two week high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. The business had revenue of $2.05 million during the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,381.82% and a negative return on equity of 32.89%. On average, equities research analysts predict that Avidity Biosciences, Inc. will post -2.96 EPS for the current fiscal year.

About Avidity Biosciences

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.