Avidity Biosciences, Inc. (NASDAQ:RNA) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• Avidity Biosciences, Inc. has received a consensus "Moderate Buy" recommendation from 20 analysts, with an average twelve-month price target of $68.32.
• The stock recently rose by 6.4% and currently trades around $47.00, having a market capitalization of $6.86 billion.
• Insider trading activity shows significant sales, including the Director selling 29,500 shares, indicating a 35.15% decrease in his position.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the twenty ratings firms that are presently covering the stock, Marketbeat.com 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 twelve-month price target among brokers that have issued ratings on the stock in the last year is $68.3158.

Several research analysts have recently commented on RNA shares. Wolfe Research started coverage on Avidity Biosciences in a research note on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 10th. Wells Fargo & Company raised their price objective on Avidity Biosciences from $70.00 to $75.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Needham & Company LLC raised their price objective on Avidity Biosciences from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. Finally, Roth Capital started coverage on Avidity Biosciences in a research note on Wednesday, September 17th. They set a "buy" rating and a $62.00 target price on the stock.

Avidity Biosciences Stock Up 6.4%

NASDAQ RNA opened at $47.00 on Friday. The stock's 50-day moving average price is $43.83 and its 200-day moving average price is $34.93. Avidity Biosciences has a 52 week low of $21.51 and a 52 week high of $56.00. The company has a market capitalization of $6.86 billion, a P/E ratio of -13.20 and a beta of 0.97.

Insider Activity at Avidity Biosciences

In related news, Director Troy Edward Wilson sold 29,500 shares of Avidity Biosciences stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $50.00, for a total transaction of $1,475,000.00. Following the sale, the director owned 54,425 shares of the company's stock, valued at approximately $2,721,250. This trade represents a 35.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Teresa Mccarthy sold 10,000 shares of Avidity Biosciences stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $46.56, for a total value of $465,600.00. Following the sale, the insider directly owned 97,130 shares in the company, valued at $4,522,372.80. This trade represents a 9.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 542,707 shares of company stock worth $24,904,454 in the last three months. Corporate insiders own 3.83% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors have recently added to or reduced their stakes in the company. Westside Investment Management Inc. purchased a new position in Avidity Biosciences during the 2nd quarter valued at approximately $29,000. PNC Financial Services Group Inc. grew its holdings in Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company's stock valued at $42,000 after buying an additional 1,099 shares in the last quarter. Osaic Holdings Inc. grew its holdings in Avidity Biosciences by 1,659.1% during the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company's stock valued at $48,000 after buying an additional 1,543 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new position in Avidity Biosciences during the 2nd quarter valued at approximately $49,000. Finally, Parallel Advisors LLC grew its holdings in Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after buying an additional 515 shares in the last quarter.

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.

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