Steven George Hughes Sells 81,434 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) Stock

Key Points

• Insider Activity: Steven George Hughes, an insider at Avidity Biosciences, sold 81,434 shares for approximately $3.48 million, decreasing his stake by 67.69% to 38,867 shares.
• Stock Performance: The stock recently traded down 2.6%, hitting $46.29, with a 52-week range of $21.51 to $56.00, and a market capitalization of $5.58 billion.
• Analyst Ratings: Analysts maintain a positive outlook with 17 "buy" ratings and a price target range from $54.00 to $75.00, indicating expected growth for the company's shares.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) insider Steven George Hughes sold 81,434 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $42.74, for a total value of $3,480,489.16. Following the sale, the insider owned 38,867 shares in the company, valued at approximately $1,661,175.58. The trade was a 67.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Avidity Biosciences Stock Performance

Shares of NASDAQ:RNA traded up $0.06 during trading on Wednesday, reaching $46.29. The stock had a trading volume of 450,717 shares, compared to its average volume of 1,804,242. Avidity Biosciences, Inc. has a 1-year low of $21.51 and a 1-year high of $56.00. The stock has a market cap of $5.96 billion, a PE ratio of -15.39 and a beta of 0.95. The business has a fifty day moving average price of $33.73 and a 200-day moving average price of $31.50.

Analyst Ratings Changes

A number of analysts recently weighed in on RNA shares. The Goldman Sachs Group raised shares of Avidity Biosciences to a "buy" rating and set a $55.00 price target for the company in a research report on Thursday, July 10th. Wolfe Research began coverage on shares of Avidity Biosciences in a research report on Tuesday, June 17th. They set an "outperform" rating and a $55.00 price target for the company. Bank of America upped their price objective on shares of Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Raymond James Financial started coverage on shares of Avidity Biosciences in a research report on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 price objective for the company. Finally, Wells Fargo & Company upped their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Seventeen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $67.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. TD Waterhouse Canada Inc. raised its stake in shares of Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after buying an additional 866 shares in the last quarter. Westside Investment Management Inc. purchased a new position in shares of Avidity Biosciences during the 2nd quarter worth approximately $29,000. PNC Financial Services Group Inc. increased its stake in Avidity Biosciences by 291.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company's stock valued at $42,000 after purchasing an additional 1,099 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new position in Avidity Biosciences in the 2nd quarter valued at approximately $49,000. Finally, Parallel Advisors LLC increased its stake in Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after purchasing an additional 515 shares in the last quarter.

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.