Avidity Biosciences (NASDAQ:RNA) Shares Gap Up on Analyst Upgrade

Key Points

• Avidity Biosciences' stock saw a significant price increase after HC Wainwright raised its price target from $68.00 to $87.00, opening at $43.06 compared to the previous close of $41.04.
• Analysts show strong support for the company, with one Strong Buy and seventeen Buy ratings assigned, reflecting a consensus price target of $68.33.
• Insider trading activity includes CEO Sarah Boyce selling 50,000 shares valued at nearly $2.5 million, reducing her stake by 14.05% while still holding a significant portion of the company's shares.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) gapped up prior to trading on Friday after HC Wainwright raised their price target on the stock from $68.00 to $87.00. The stock had previously closed at $41.04, but opened at $43.06. HC Wainwright currently has a buy rating on the stock. Avidity Biosciences shares last traded at $44.12, with a volume of 1,543,785 shares trading hands.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. raised their target price on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a report on Tuesday, June 10th. Wolfe Research assumed coverage on shares of Avidity Biosciences in a report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 target price on the stock. Barclays reissued an "overweight" rating and issued a $62.00 target price (up from $59.00) on shares of Avidity Biosciences in a report on Friday, August 8th. 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 report on Friday, August 8th. Finally, 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 report on Monday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have assigned a Buy rating to the stock. According to MarketBeat.com, Avidity Biosciences currently has a consensus rating of "Buy" and an average price target of $68.33.

Insider Activity

In other Avidity Biosciences news, CEO Sarah Boyce sold 50,000 shares of the business's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $49.95, for a total transaction of $2,497,500.00. Following the sale, the chief executive officer directly owned 305,871 shares of the company's stock, valued at $15,278,256.45. The trade was a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven George Hughes sold 2,208 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $46.40, for a total transaction of $102,451.20. Following the sale, the insider directly owned 38,867 shares in the company, valued at $1,803,428.80. The trade was a 5.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 541,410 shares of company stock worth $24,842,402. Company insiders own 3.83% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RNA. Price T Rowe Associates Inc. MD raised its holdings in Avidity Biosciences by 2.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,338,098 shares of the biotechnology company's stock worth $334,701,000 after buying an additional 295,275 shares during the last quarter. Wellington Management Group LLP raised its holdings in Avidity Biosciences by 19.5% during the first quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock worth $285,888,000 after buying an additional 1,578,459 shares during the last quarter. Geode Capital Management LLC raised its holdings in Avidity Biosciences by 3.4% during the second quarter. Geode Capital Management LLC now owns 2,847,965 shares of the biotechnology company's stock worth $80,893,000 after buying an additional 92,719 shares during the last quarter. Bank of America Corp DE raised its holdings in Avidity Biosciences by 16.8% during the second quarter. Bank of America Corp DE now owns 1,839,315 shares of the biotechnology company's stock worth $52,237,000 after buying an additional 264,827 shares during the last quarter. Finally, Driehaus Capital Management LLC raised its holdings in Avidity Biosciences by 3.5% during the first quarter. Driehaus Capital Management LLC now owns 1,270,931 shares of the biotechnology company's stock worth $37,518,000 after buying an additional 42,873 shares during the last quarter.

Avidity Biosciences Price Performance

The company's fifty day simple moving average is $40.58 and its two-hundred day simple moving average is $33.59. The stock has a market cap of $5.65 billion, a price-to-earnings ratio of -12.34 and a beta of 0.99.

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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