Avidity Biosciences (NASDAQ:RNA) Insider Eric Mosbrooker Sells 6,562 Shares

Key Points

• Insider Eric Mosbrooker sold 6,562 shares of Avidity Biosciences stock at an average price of $45.38, resulting in a total transaction of approximately $297,783.56 and a 10.66% decrease in ownership.
• Avidity Biosciences shares are currently priced at $46.95, showing a slight increase of 1.7% during recent trading, with a market cap of $6.85 billion.
• Analysts have recently issued upgraded ratings for Avidity Biosciences, with price targets raised to as high as $75.00, indicating a generally positive outlook on the stock.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) insider Eric Mosbrooker sold 6,562 shares of the business's stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $45.38, for a total transaction of $297,783.56. Following the completion of the transaction, the insider owned 55,000 shares of the company's stock, valued at approximately $2,495,900. This represents a 10.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Eric Mosbrooker also recently made the following trade(s):

• On Wednesday, September 3rd, Eric Mosbrooker sold 6,563 shares of Avidity Biosciences stock. The shares were sold at an average price of $47.07, for a total transaction of $308,920.41.
• On Wednesday, August 6th, Eric Mosbrooker sold 130,807 shares of Avidity Biosciences stock. The stock was sold at an average price of $44.06, for a total transaction of $5,763,356.42.

Avidity Biosciences Stock Up 1.7%

Shares of NASDAQ:RNA traded up $0.77 during trading on Tuesday, reaching $46.95. 1,152,858 shares of the company's stock traded hands, compared to its average volume of 2,078,338. Avidity Biosciences, Inc. has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The company has a 50-day simple moving average of $44.06 and a 200-day simple moving average of $35.09. The firm has a market cap of $6.85 billion, a PE ratio of -13.19 and a beta of 0.97.

Institutional Trading of Avidity Biosciences

Several institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP raised its holdings in Avidity Biosciences by 19.5% in the 1st 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 period. Norges Bank purchased a new position in shares of Avidity Biosciences during the 2nd quarter worth approximately $28,261,000. T. Rowe Price Investment Management Inc. acquired a new stake in Avidity Biosciences in the 1st quarter valued at approximately $22,765,000. Frazier Life Sciences Management L.P. purchased a new stake in Avidity Biosciences in the first quarter valued at approximately $15,498,000. Finally, Nuveen LLC acquired a new position in Avidity Biosciences during the first quarter worth $12,729,000.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on RNA shares. Needham & Company LLC lifted their price target on shares of Avidity Biosciences from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. Bank of America lifted their target price on shares of Avidity Biosciences from $56.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, September 15th. The Goldman Sachs Group upgraded shares of Avidity Biosciences to a "buy" rating and set a $55.00 price target for the company in a research report on Thursday, July 10th. JPMorgan Chase & Co. lifted their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a report on Tuesday, June 10th. Finally, Chardan Capital reissued a "buy" rating and set a $75.00 target price on shares of Avidity Biosciences in a report on Wednesday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Avidity Biosciences has an average rating of "Moderate Buy" and an average price target of $68.32.

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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