Oddo BHF Asset Management Sas Acquires New Position in Avidity Biosciences, Inc. $RNA

Oddo BHF Asset Management Sas acquired a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA – Free Report) during the fourth quarter, Holdings Channel.com reports. The fund acquired 377,500 shares of the biotechnology company’s stock, valued at approximately $27,229,000. Avidity Biosciences accounts for approximately 1.0% of Oddo BHF Asset Management Sas’ portfolio, making the stock its 26th largest holding.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Allworth Financial LP grew its position in Avidity Biosciences by 22.8% during the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 159 shares in the last quarter. Fort Point Capital Partners LLC grew its position in Avidity Biosciences by 0.6% during the third quarter. Fort Point Capital Partners LLC now owns 31,278 shares of the biotechnology company’s stock valued at $1,363,000 after purchasing an additional 183 shares in the last quarter. GF Fund Management CO. LTD. grew its position in Avidity Biosciences by 7.0% during the fourth quarter. GF Fund Management CO. LTD. now owns 2,961 shares of the biotechnology company’s stock valued at $214,000 after purchasing an additional 193 shares in the last quarter. GAMMA Investing LLC grew its position in Avidity Biosciences by 10.5% during the fourth quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock valued at $178,000 after purchasing an additional 234 shares in the last quarter. Finally, AlphaQuest LLC grew its position in Avidity Biosciences by 123.0% during the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares in the last quarter.

Avidity Biosciences Stock Up 3.1%

NASDAQ RNA opened at $12.75 on Tuesday. The stock has a market capitalization of $218.10 million, a PE ratio of -2.57 and a beta of 0.93. The company has a 50 day moving average price of $13.08 and a two-hundred day moving average price of $41.19. Avidity Biosciences, Inc. has a 12-month low of $11.40 and a 12-month high of $16.77.

Avidity Biosciences (NASDAQ:RNA – Get Free Report) last posted its earnings results 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 analysts’ expectations of $2.00 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. As a group, equities analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RNA shares. Wall Street Zen raised shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Weiss Ratings downgraded shares of Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. Leerink Partners started coverage on shares of Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating on the stock. HC Wainwright reaffirmed a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Finally, Wells Fargo & Company started coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Avidity Biosciences has a consensus rating of “Hold” and a consensus price target of $70.29.

Read Our Latest Stock Report on Avidity Biosciences

Avidity Biosciences Company Profile

(Free Report)

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.

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