Avidity Biosciences (NASDAQ:RNA) Price Target Raised to $65.00 at Needham & Company LLC

Key Points

• Needham & Company LLC has raised the price target for Avidity Biosciences from $60.00 to $65.00, indicating a potential upswing of 38.35% from its current price, alongside a "buy" rating for the stock.
• Avidity Biosciences has received multiple positive ratings from various firms, with Chardan Capital and Wells Fargo setting price targets as high as $75.00.
• Recent insider trading includes significant sales by CEO Sarah Boyce and insider Steven George Hughes, which led to notable decreases in their stock holdings.

Avidity Biosciences (NASDAQ:RNA - Free Report) had its price target hoisted by Needham & Company LLC from $60.00 to $65.00 in a research report released on Wednesday,Benzinga reports. They currently have a buy rating on the biotechnology company's stock.

A number of other research firms have also weighed in on RNA. Citigroup raised their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Barclays reissued an "overweight" rating and issued a $62.00 target price (up from $59.00) on shares of Avidity Biosciences in a research note on Friday, August 8th. Chardan Capital reissued a "buy" rating and issued a $75.00 target price on shares of Avidity Biosciences in a research note on Wednesday. Bank of America lifted their price target 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. Finally, Wells Fargo & Company lifted their price target on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the company. According to MarketBeat, Avidity Biosciences has an average rating of "Buy" and an average target price of $68.33.

Avidity Biosciences Stock Up 9.0%

RNA traded up $3.70 during trading on Wednesday, reaching $44.74. The company's stock had a trading volume of 12,961,507 shares, compared to its average volume of 2,902,130. The firm has a fifty day simple moving average of $40.89 and a two-hundred day simple moving average of $33.72. Avidity Biosciences has a 1 year low of $21.51 and a 1 year high of $56.00. The company has a market cap of $5.76 billion, a price-to-earnings ratio of -12.57 and a beta of 0.99.

Insider Transactions at Avidity Biosciences

In related news, CEO Sarah Boyce sold 50,000 shares of Avidity Biosciences stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $49.95, for a total value of $2,497,500.00. Following the completion of the sale, the chief executive officer owned 305,871 shares in the company, valued at approximately $15,278,256.45. This trade represents a 14.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 transaction of $465,600.00. Following the completion of the sale, the insider owned 97,130 shares of the company's stock, 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 541,410 shares of company stock worth $24,842,402 in the last three months. Company insiders own 3.83% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently modified their holdings of the business. Amalgamated Bank grew its stake in shares of Avidity Biosciences by 12.0% in the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock worth $116,000 after acquiring an additional 418 shares in the last quarter. Corebridge Financial Inc. lifted its position in Avidity Biosciences by 0.8% in the first quarter. Corebridge Financial Inc. now owns 55,643 shares of the biotechnology company's stock valued at $1,643,000 after acquiring an additional 463 shares during the last quarter. California State Teachers Retirement System lifted its position in Avidity Biosciences by 0.5% in the second quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company's stock valued at $2,563,000 after acquiring an additional 466 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Avidity Biosciences by 9.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,135 shares of the biotechnology company's stock valued at $181,000 after acquiring an additional 514 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings 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 buying an additional 515 shares during 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.