Insider Selling: Avidity Biosciences (NASDAQ:RNA) Director Sells 29,500 Shares of Stock

Key Points

• Troy Edward Wilson, Director of Avidity Biosciences, sold 29,500 shares at an average price of $50.00, totaling $1,475,000.00, which decreased his ownership by 35.15%.
• The company's stock is currently trading around $46.62 and has experienced a 3.0% decline recently, with a market capitalization of $6.00 billion.
• Analysts have a positive outlook, with the average price target for Avidity Biosciences set at $67.00 and 17 analysts rating the stock as a Buy.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) Director Troy Edward Wilson sold 29,500 shares of the firm's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $50.00, for a total transaction of $1,475,000.00. Following the completion of the transaction, the director directly owned 54,425 shares of the company's stock, valued at $2,721,250. This represents a 35.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Troy Edward Wilson also recently made the following trade(s):

• On Wednesday, August 6th, Troy Edward Wilson sold 65,554 shares of Avidity Biosciences stock. The shares were sold at an average price of $45.00, for a total transaction of $2,949,930.00.
• On Wednesday, August 6th, Troy Edward Wilson sold 29,500 shares of Avidity Biosciences stock. The shares were sold at an average price of $45.00, for a total transaction of $1,327,500.00.

Avidity Biosciences Stock Up 9.0%

Shares of NASDAQ:RNA traded up $3.70 during midday trading on Friday, hitting $44.74. The stock had a trading volume of 12,961,507 shares, compared to its average volume of 3,409,827. Avidity Biosciences, Inc. has a 12 month low of $21.51 and a 12 month high of $56.00. The business's 50-day simple moving average is $40.89 and its 200-day simple moving average is $33.75. The company has a market cap of $5.76 billion, a P/E ratio of -12.57 and a beta of 0.99.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RNA. 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. Chardan Capital reaffirmed a "buy" rating and set a $75.00 price objective on shares of Avidity Biosciences in a research report on Wednesday. The Goldman Sachs Group raised shares of Avidity Biosciences to a "buy" rating and set a $55.00 price objective for the company in a research report on Thursday, July 10th. Needham & Company LLC lifted their price objective on shares of Avidity Biosciences from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, HC Wainwright lifted their price objective on shares of Avidity Biosciences from $68.00 to $87.00 and gave the stock a "buy" rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $68.33.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Westside Investment Management Inc. bought a new stake in shares of Avidity Biosciences in the second quarter valued at about $29,000. PNC Financial Services Group Inc. boosted its position in shares of Avidity Biosciences by 291.5% in the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company's stock valued at $42,000 after acquiring an additional 1,099 shares during the period. Osaic Holdings Inc. boosted its position in shares of Avidity Biosciences by 1,659.1% in the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company's stock valued at $48,000 after acquiring an additional 1,543 shares during the period. Parallel Advisors LLC boosted its position in shares of Avidity Biosciences by 43.3% in the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after acquiring an additional 515 shares during the period. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Avidity Biosciences in the second quarter valued at about $49,000.

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.