Avidity Biosciences (NASDAQ:RNA) Coverage Initiated at Roth Capital

Key Points

• Roth Capital has initiated coverage on Avidity Biosciences (NASDAQ:RNA) with a buy rating and a price target of $62.00, indicating a potential upside of 49.61% from the current price.
• As of the latest reports, Avidity Biosciences has a consensus rating of Buy among analysts, with an average target price of $68.58.
• Insider trading activities reveal significant sales, with Director Troy Edward Wilson selling 29,500 shares valued at approximately $1.48 million, indicating a 35.15% decrease in his ownership of the stock.

Research analysts at Roth Capital assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA - Get Free Report) in a report issued on Wednesday, Marketbeat.com reports. The brokerage set a "buy" rating and a $62.00 price target on the biotechnology company's stock. Roth Capital's price objective would indicate a potential upside of 51.00% from the company's previous close. Roth Capital also issued estimates for Avidity Biosciences' Q3 2025 earnings at ($1.02) EPS, Q4 2025 earnings at ($0.96) EPS, FY2025 earnings at ($4.09) EPS, Q1 2026 earnings at ($0.98) EPS, Q2 2026 earnings at ($1.01) EPS, Q3 2026 earnings at ($1.05) EPS, Q4 2026 earnings at ($1.09) EPS and FY2026 earnings at ($4.13) EPS.

A number of other research firms have also recently issued reports on RNA. Wells Fargo & Company lifted 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. Wolfe Research assumed coverage on shares of Avidity Biosciences in a research note on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price objective for the company. Sanford C. Bernstein assumed coverage on shares of Avidity Biosciences in a research report on Tuesday, June 24th. They set an "outperform" rating and a $50.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Finally, Barclays reaffirmed an "overweight" rating and issued a $62.00 target price (up previously from $59.00) on shares of Avidity Biosciences in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and eighteen have given a Buy rating to the company. According to MarketBeat, Avidity Biosciences presently has an average rating of "Buy" and an average target price of $68.58.

Avidity Biosciences Stock Down 1.8%

Shares of Avidity Biosciences stock traded down $0.75 during trading on Wednesday, hitting $41.06. The stock had a trading volume of 4,845,059 shares, compared to its average volume of 3,789,561. The stock has a 50 day simple moving average of $41.94 and a 200 day simple moving average of $34.12. The company has a market capitalization of $5.99 billion, a PE ratio of -11.53 and a beta of 0.99. Avidity Biosciences has a 1 year low of $21.51 and a 1 year high of $56.00.

Insiders Place Their Bets

In related news, CEO Sarah Boyce sold 50,000 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $49.95, for a total value of $2,497,500.00. Following the completion of the transaction, the chief executive officer owned 305,871 shares of the company's stock, valued at $15,278,256.45. The trade was a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 completion of the transaction, the insider directly owned 38,867 shares of the company's stock, valued at approximately $1,661,175.58. This trade represents a 67.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 540,499 shares of company stock valued at $24,814,854 over the last 90 days. 3.83% of the stock is owned by company insiders.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors have recently bought and sold shares of the stock. Westside Investment Management Inc. bought a new position in Avidity Biosciences in the 2nd quarter valued at $29,000. PNC Financial Services Group Inc. grew 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 during the period. Osaic Holdings Inc. grew its stake in Avidity Biosciences by 1,659.1% in the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company's stock valued at $48,000 after purchasing an additional 1,543 shares during the period. Parallel Advisors LLC grew 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 during the period. Finally, Elevation Point Wealth Partners LLC bought a new position in Avidity Biosciences in the 2nd quarter valued at $49,000.

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.