Avidity Biosciences (NASDAQ:RNA) Receives "Sell (D-)" Rating from Weiss Ratings

Key Points

• Avidity Biosciences' stock has received a "Sell (D-)" rating from Weiss Ratings, indicating a negative outlook from analysts.
• Despite the negative rating from Weiss, other firms like Chardan Capital and Goldman Sachs have given Avidity Biosciences a "buy" rating with price targets up to $75.00.
• Insider transactions saw significant sales, with insiders selling over 549,000 shares in recent months, suggesting potential concerns about the company's stock performance.

Avidity Biosciences (NASDAQ:RNA - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Other research analysts have also recently issued research reports about the stock. Chardan Capital reiterated a "buy" rating and issued a $75.00 price target on shares of Avidity Biosciences in a report on Wednesday, September 10th. Sanford C. Bernstein initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, June 24th. They issued an "outperform" rating and a $50.00 price objective on the stock. The Goldman Sachs Group raised shares of Avidity Biosciences to a "buy" rating and set a $55.00 price target on the stock in a research report on Thursday, July 10th. Bank of America increased their price objective on shares of Avidity Biosciences from $56.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday, September 15th. Finally, Citigroup raised their price target on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $68.32.

Avidity Biosciences Stock Performance

Shares of NASDAQ RNA traded up $1.31 during trading on Wednesday, reaching $48.26. The company had a trading volume of 1,153,101 shares, compared to its average volume of 2,073,519. Avidity Biosciences has a 52 week low of $21.51 and a 52 week high of $56.00. The business's 50 day moving average price is $44.28 and its 200-day moving average price is $35.17. The stock has a market cap of $7.04 billion, a PE ratio of -13.56 and a beta of 0.97.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider Eric Mosbrooker sold 130,807 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $44.06, for a total transaction of $5,763,356.42. Following the transaction, the insider directly owned 55,000 shares in the company, valued at $2,423,300. This trade represents a 70.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur A. Levin sold 107,500 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $47.62, for a total value of $5,119,150.00. Following the completion of the sale, the director directly owned 19,650 shares of the company's stock, valued at $935,733. The trade was a 84.55% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 549,269 shares of company stock valued at $25,202,238. 3.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Westside Investment Management Inc. bought a new position in Avidity Biosciences in the 2nd quarter worth approximately $29,000. PNC Financial Services Group Inc. raised its holdings in Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company's stock valued at $42,000 after buying an additional 1,099 shares during the period. Osaic Holdings Inc. raised its holdings in Avidity Biosciences by 1,659.1% during the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company's stock valued at $48,000 after buying an additional 1,543 shares during the period. Elevation Point Wealth Partners LLC bought a new position in Avidity Biosciences in the 2nd quarter valued at $49,000. Finally, GF Fund Management CO. LTD. grew its position in Avidity Biosciences by 22.0% in the 1st quarter. GF Fund Management CO. LTD. now owns 3,055 shares of the biotechnology company's stock valued at $90,000 after acquiring an additional 550 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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