Brokerages Set Avidity Biosciences, Inc. (NASDAQ:RNA) Target Price at $67.00

Key Points

• Analysts have an average target price of $67.00 for Avidity Biosciences, with 17 out of 18 firms rating it as a "Buy" or "Strong Buy."
• Insider activity includes Director Arthur A. Levin selling 107,500 shares, reducing his stake by 84.55%, while total insider sales reached $20.06 million in the last quarter.
• The company's stock price recently rose to $46.47, with a 52-week high of $56.00 and a market cap of $5.98 billion.

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) have been given a consensus rating of "Buy" by the eighteen analysts that are presently covering the firm, MarketBeat.com reports. Seventeen research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $67.00.

A number of research firms recently issued reports on RNA. Evercore ISI reiterated an "outperform" rating and issued a $70.00 target price on shares of Avidity Biosciences in a research note on Friday, July 11th. Raymond James Financial started coverage on Avidity Biosciences in a research report on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 price target on the stock. Bank of America boosted their price objective on Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Citigroup increased their target price on Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Finally, The Goldman Sachs Group raised Avidity Biosciences to a "buy" rating and set a $55.00 price target on the stock in a research report on Thursday, July 10th.

Avidity Biosciences Trading Down 2.4%

NASDAQ RNA traded down $1.0520 during trading on Friday, hitting $43.4280. 617,053 shares of the company traded hands, compared to its average volume of 1,834,135. The company has a market capitalization of $5.59 billion, a P/E ratio of -12.17 and a beta of 0.95. The business has a fifty day simple moving average of $34.63 and a 200 day simple moving average of $31.88. Avidity Biosciences has a 12 month low of $21.51 and a 12 month high of $56.00.

Insider Activity

In other Avidity Biosciences news, insider Steven George Hughes sold 81,434 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $42.74, for a total value of $3,480,489.16. Following the completion of the transaction, the insider owned 38,867 shares of the company's stock, valued at $1,661,175.58. This represents a 67.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric Mosbrooker sold 130,807 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $44.06, for a total value of $5,763,356.42. Following the completion of the transaction, the insider directly owned 55,000 shares of the company's stock, valued at approximately $2,423,300. This trade represents a 70.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 453,826 shares of company stock worth $20,063,286. Corporate insiders own 3.83% of the company's stock.

Institutional Trading of Avidity Biosciences

Several institutional investors have recently made changes to their positions in the business. Janus Henderson Group PLC raised its position in Avidity Biosciences by 44.1% in the fourth quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock worth $205,134,000 after purchasing an additional 2,156,844 shares in the last quarter. Boxer Capital Management LLC acquired a new position in shares of Avidity Biosciences in the 4th quarter worth approximately $50,232,000. Wellington Management Group LLP lifted its position in shares of Avidity Biosciences by 19.5% during the 1st quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock worth $285,888,000 after buying an additional 1,578,459 shares during the period. Norges Bank acquired a new stake in Avidity Biosciences in the 2nd quarter valued at $28,261,000. Finally, T. Rowe Price Investment Management Inc. bought a new stake in Avidity Biosciences in the first quarter valued at $22,765,000.

Avidity Biosciences Company 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.