Avidity Biosciences (NASDAQ:RNA) Given New $87.00 Price Target at HC Wainwright

Key Points

• HC Wainwright has raised its price target for Avidity Biosciences from $68.00 to $87.00, indicating a potential upside of 111.99% from its previous close.
• The stock currently holds an average rating of "Buy" from analysts, with one Strong Buy and seventeen Buy ratings.
• Recent insider trading includes CEO Sarah Boyce selling 50,000 shares, resulting in a 14.05% decrease in her position.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) had its price target hoisted by stock analysts at HC Wainwright from $68.00 to $87.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the biotechnology company's stock. HC Wainwright's target price would indicate a potential upside of 111.99% from the stock's previous close.

A number of other equities research analysts have also weighed in on RNA. Evercore ISI reissued an "outperform" rating and set a $70.00 price objective on shares of Avidity Biosciences in a report on Friday, July 11th. Wolfe Research assumed coverage on shares of Avidity Biosciences in a report on Tuesday, June 17th. They set an "outperform" rating and a $55.00 price objective on the stock. Citigroup upped their price target on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Chardan Capital reaffirmed a "buy" rating and issued a $75.00 price target on shares of Avidity Biosciences in a report on Wednesday. Finally, Needham & Company LLC upped their price target on shares of Avidity Biosciences from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating and seventeen have given a Buy rating to the company. According to data from MarketBeat, Avidity Biosciences currently has an average rating of "Buy" and an average price target of $68.33.

Avidity Biosciences Price Performance

Shares of RNA opened at $41.04 on Friday. The firm has a market capitalization of $5.28 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. The company's fifty day moving average price is $40.58 and its 200-day moving average price is $33.59.

Insiders Place Their Bets

In related news, CEO Sarah Boyce sold 50,000 shares of Avidity Biosciences 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 sale, the chief executive officer directly owned 305,871 shares in the company, valued at approximately $15,278,256.45. The trade was a 14.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Steven George Hughes sold 81,434 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was 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 of the company's stock, valued at approximately $1,661,175.58. This trade represents a 67.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 541,410 shares of company stock valued at $24,842,402. Insiders own 3.83% of the company's stock.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently bought and sold shares of RNA. Ameriprise Financial Inc. increased its stake in Avidity Biosciences by 106.1% during the 4th quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company's stock worth $798,000 after buying an additional 14,129 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in Avidity Biosciences in the 4th quarter valued at about $628,000. Deutsche Bank AG raised its holdings in Avidity Biosciences by 18.6% in the 4th quarter. Deutsche Bank AG now owns 193,586 shares of the biotechnology company's stock valued at $5,629,000 after acquiring an additional 30,340 shares during the last quarter. Ensign Peak Advisors Inc raised its holdings in Avidity Biosciences by 24.8% in the 4th quarter. Ensign Peak Advisors Inc now owns 27,950 shares of the biotechnology company's stock valued at $813,000 after acquiring an additional 5,550 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in Avidity Biosciences by 29.2% in the 4th quarter. Millennium Management LLC now owns 23,941 shares of the biotechnology company's stock valued at $696,000 after acquiring an additional 5,405 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.

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