Finepoint Capital LP Makes New Investment in Avidity Biosciences, Inc. (NASDAQ:RNA)

Finepoint Capital LP bought a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) in the fourth quarter, Holdings Channel reports. The firm bought 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 investment portfolio, making the stock its 14th largest position.

A number of other hedge funds also recently bought and sold shares of the stock. Dynamic Technology Lab Private Ltd purchased a new stake in Avidity Biosciences in the 4th quarter valued at approximately $402,000. ExodusPoint Capital Management LP bought a new stake in shares of Avidity Biosciences during the fourth quarter valued at approximately $984,000. Bryce Point Capital LLC acquired a new position in shares of Avidity Biosciences during the 4th quarter valued at $408,000. Trexquant Investment LP lifted its stake in Avidity Biosciences by 383.8% during the fourth quarter. Trexquant Investment LP now owns 76,495 shares of the biotechnology company’s stock valued at $2,224,000 after purchasing an additional 60,685 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Avidity Biosciences in the fourth quarter worth about $60,000.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 10,397 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $297,250.23. Following the completion of the sale, the chief executive officer now owns 337,411 shares in the company, valued at approximately $9,646,580.49. This trade represents a 2.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Arthur A. Levin sold 1,872 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the transaction, the director now owns 12,958 shares of the company’s stock, valued at $370,598.80. This trade represents a 12.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,318 shares of company stock valued at $2,405,390 in the last quarter. Insiders own 3.68% of the company’s stock.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $26.57 on Friday. The business’s 50 day simple moving average is $31.35 and its 200-day simple moving average is $36.70. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of -9.23 and a beta of 1.02. Avidity Biosciences, Inc. has a 12 month low of $22.24 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $2.97 million for the quarter, compared to analysts’ expectations of $1.74 million. On average, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Analysts Set New Price Targets

RNA has been the topic of a number of recent analyst reports. Scotiabank initiated coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $70.00 price objective on the stock. Citigroup assumed coverage on Avidity Biosciences in a report on Thursday, March 13th. They issued a “buy” rating and a $70.00 price target for the company. Bank of America lowered their price target on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. HC Wainwright reiterated a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, Chardan Capital reissued a “buy” rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $66.69.

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.