Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Average Rating of "Buy" from Analysts

Key Points

• Avidity Biosciences has received an average rating of "Buy" from 18 research firms, with 17 analysts recommending a buy and 1 a strong buy, projecting an average price target of $67.00.
• The stock opened at $48.05 and has seen a significant performance range with a 1-year low of $21.51 and a high of $56.00.
• Insider activity includes substantial sales, with directors selling 173,054 shares for over $8 million, reflecting decreased ownership in the company.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has been assigned an average recommendation of "Buy" from the eighteen research firms that are presently covering the company, MarketBeat reports. Seventeen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $67.00.

Several research firms recently issued reports on RNA. JPMorgan Chase & Co. boosted their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. The Goldman Sachs Group upgraded shares of Avidity Biosciences to a "buy" rating and set a $55.00 target price for the company in a research note on Thursday, July 10th. Raymond James Financial began coverage on shares of Avidity Biosciences in a research note on Wednesday, June 11th. They issued a "strong-buy" rating and a $65.00 target price for the company. Sanford C. Bernstein began coverage on shares of Avidity Biosciences in a research note on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 target price for the company. Finally, Wolfe Research began coverage on shares of Avidity Biosciences in a research note on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 target price for the company.

Avidity Biosciences Price Performance

RNA opened at $48.05 on Tuesday. The firm has a fifty day moving average price of $39.64 and a 200 day moving average price of $33.33. Avidity Biosciences has a 1 year low of $21.51 and a 1 year high of $56.00. The stock has a market cap of $6.18 billion, a P/E ratio of -13.50 and a beta of 0.99.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, Director Troy Edward Wilson sold 65,554 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $45.00, for a total transaction of $2,949,930.00. Following the completion of the transaction, the director directly owned 17,776 shares in the company, valued at approximately $799,920. This represents a 78.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Arthur A. Levin sold 107,500 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $47.62, for a total transaction of $5,119,150.00. Following the transaction, the director owned 19,650 shares of the company's stock, valued at $935,733. This represents a 84.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 531,910 shares of company stock valued at $24,025,002 in the last three months. Company insiders own 3.83% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of large investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC raised its position in shares of 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 valued at $205,134,000 after buying an additional 2,156,844 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 buying an additional 1,578,459 shares during the last quarter. Norges Bank acquired a new stake in shares of Avidity Biosciences in the second quarter valued at about $28,261,000. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Avidity Biosciences in the first quarter valued at about $22,765,000. Finally, Frazier Life Sciences Management L.P. acquired a new stake in shares of Avidity Biosciences in the first quarter valued at about $15,498,000.

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.

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