Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $68.32 Consensus Target Price from Analysts

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have received a consensus rating of “Moderate Buy” from the twenty brokerages that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $68.3158.

Several research firms recently commented on RNA. Needham & Company LLC raised their price target on shares of Avidity Biosciences from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. HC Wainwright raised their price target on shares of Avidity Biosciences from $68.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, September 12th. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a report on Friday, June 27th. Chardan Capital restated a “buy” rating and set a $75.00 price target on shares of Avidity Biosciences in a report on Wednesday, September 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Steven George Hughes sold 2,208 shares of Avidity Biosciences stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $40.58, for a total value of $89,600.64. Following the completion of the sale, the insider directly owned 38,867 shares in the company, valued at $1,577,222.86. The trade was a 5.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Troy Edward Wilson sold 29,500 shares of Avidity Biosciences stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $50.00, for a total transaction of $1,475,000.00. Following the completion of the sale, the director owned 54,425 shares of the company’s stock, valued at $2,721,250. This trade represents a 35.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 549,269 shares of company stock valued at $25,202,238. Insiders own 3.83% of the company’s stock.

Institutional Trading of Avidity Biosciences

A number of institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its stake in Avidity Biosciences by 2.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,338,098 shares of the biotechnology company’s stock valued at $334,701,000 after acquiring an additional 295,275 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Avidity Biosciences by 19.5% in the first quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company’s stock valued at $285,888,000 after purchasing an additional 1,578,459 shares during the period. Geode Capital Management LLC raised its position in shares of Avidity Biosciences by 3.4% in the second quarter. Geode Capital Management LLC now owns 2,847,965 shares of the biotechnology company’s stock valued at $80,893,000 after purchasing an additional 92,719 shares during the period. Bank of America Corp DE raised its position in shares of Avidity Biosciences by 16.8% in the second quarter. Bank of America Corp DE now owns 1,839,315 shares of the biotechnology company’s stock valued at $52,237,000 after purchasing an additional 264,827 shares during the period. Finally, Driehaus Capital Management LLC raised its position in shares of Avidity Biosciences by 3.5% in the first quarter. Driehaus Capital Management LLC now owns 1,270,931 shares of the biotechnology company’s stock valued at $37,518,000 after purchasing an additional 42,873 shares during the period.

Avidity Biosciences Price Performance

Shares of RNA opened at $49.77 on Friday. Avidity Biosciences has a one year low of $21.51 and a one year high of $56.00. The company has a 50-day moving average of $45.07 and a two-hundred day moving average of $35.51. The stock has a market cap of $7.26 billion, a price-to-earnings ratio of -13.98 and a beta of 0.97.

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.