Landscape Capital Management L.L.C. Acquires New Stake in Avidity Biosciences, Inc. (NASDAQ:RNA)

Landscape Capital Management L.L.C. purchased a new position in Avidity Biosciences, Inc. (NASDAQ:RNA) during the third quarter, Holdings Channel reports. The fund purchased 5,767 shares of the biotechnology company’s stock, valued at approximately $265,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Avidity Biosciences by 7.5% in 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 acquiring an additional 516,446 shares during the last quarter. Avoro Capital Advisors LLC lifted its holdings in Avidity Biosciences by 11.7% in the 2nd quarter. Avoro Capital Advisors LLC now owns 6,505,000 shares of the biotechnology company’s stock worth $265,729,000 after buying an additional 680,000 shares during the period. RA Capital Management L.P. boosted its holdings in Avidity Biosciences by 33.7% in the first quarter. RA Capital Management L.P. now owns 3,282,180 shares of the biotechnology company’s stock valued at $83,761,000 after acquiring an additional 827,647 shares in the last quarter. Janus Henderson Group PLC boosted its stake 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 valued at $31,704,000 after purchasing an additional 1,216,730 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. grew its holdings in shares of Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after acquiring an additional 707,773 shares during the period.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. TD Cowen raised their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Evercore ISI lowered their target price on shares of Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Monday, August 26th. Finally, The Goldman Sachs Group began coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a “buy” rating and a $59.00 price target on the stock. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, Avidity Biosciences has a consensus rating of “Buy” and an average target price of $63.22.

Insider Activity

In other Avidity Biosciences news, insider Teresa Mccarthy sold 13,153 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $578,732.00. Following the completion of the sale, the insider now directly owns 69,018 shares of the company’s stock, valued at $3,036,792. This trade represents a 16.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Arthur A. Levin sold 3,323 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $42.12, for a total transaction of $139,964.76. Following the sale, the director now owns 14,830 shares in the company, valued at approximately $624,639.60. The trade was a 18.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 150,866 shares of company stock worth $6,724,557 in the last three months. Company insiders own 3.68% of the company’s stock.

Avidity Biosciences Stock Up 1.6 %

Shares of RNA opened at $43.25 on Monday. The business has a 50-day simple moving average of $45.44 and a two-hundred day simple moving average of $41.01. Avidity Biosciences, Inc. has a 52 week low of $5.97 and a 52 week high of $56.00. The stock has a market cap of $5.16 billion, a price-to-earnings ratio of -15.02 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. On average, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.84 earnings per share for the current fiscal year.

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.