Avidity Biosciences (NASDAQ:RNA) Insider Sells $89,600.64 in Stock

Key Points

• Insider Steven George Hughes sold 2,208 shares of Avidity Biosciences stock for a total of $89,600.64, reducing his ownership by 5.38% and holding approximately $1.57 million worth of stock post-transaction.
• Avidity Biosciences' stock recently traded at $42.30, with a market cap of $6.17 billion and a twelve-month price range between $21.51 and $56.00.
• Analysts have expressed optimism, with a consensus rating of "Buy" and a target price averaging $68.32, highlighting multiple firms increasing their price targets for the stock.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) insider Steven George Hughes sold 2,208 shares of Avidity Biosciences stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $40.58, for a total transaction of $89,600.64. Following the transaction, the insider owned 38,867 shares in the company, valued at approximately $1,577,222.86. The trade was a 5.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Steven George Hughes also recently made the following trade(s):

• On Friday, August 22nd, Steven George Hughes sold 2,208 shares of Avidity Biosciences stock. The shares were sold at an average price of $46.40, for a total value of $102,451.20.
• On Wednesday, August 6th, Steven George Hughes sold 81,434 shares of Avidity Biosciences stock. The stock was sold at an average price of $42.74, for a total value of $3,480,489.16.

Avidity Biosciences Stock Performance

NASDAQ:RNA traded down $0.04 during trading hours on Tuesday, hitting $42.30. 2,393,839 shares of the company's stock traded hands, compared to its average volume of 2,091,119. The stock's fifty day moving average price is $42.11 and its two-hundred day moving average price is $34.23. The firm has a market cap of $6.17 billion, a P/E ratio of -11.88 and a beta of 0.99. Avidity Biosciences, Inc. has a twelve month low of $21.51 and a twelve month high of $56.00.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Avidity Biosciences by 291.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,570 shares of the biotechnology company's stock valued at $492,000 after acquiring an additional 11,594 shares in the last quarter. Rhumbline Advisers boosted its holdings in Avidity Biosciences by 7.1% in the 1st quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company's stock valued at $4,864,000 after purchasing an additional 10,973 shares during the period. Parallel Advisors LLC grew its position in Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 515 shares during the last quarter. Amalgamated Bank raised its position in shares of Avidity Biosciences by 12.0% during the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company's stock valued at $116,000 after buying an additional 418 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Avidity Biosciences by 106.1% in the fourth quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company's stock valued at $798,000 after purchasing an additional 14,129 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts recently commented on RNA shares. 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 report on Thursday, July 10th. Chardan Capital reiterated a "buy" rating and issued a $75.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, September 10th. Bank of America upped their price objective on shares of Avidity Biosciences from $56.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, September 15th. Wells Fargo & Company upped their price objective 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. Finally, HC Wainwright lifted their price target on Avidity Biosciences from $68.00 to $87.00 and gave the company a "buy" rating in a report on Friday, September 12th. One research analyst has rated the stock with a Strong Buy rating and eighteen have given a Buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $68.32.

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.

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