Avidity Biosciences (NASDAQ:RNA) Trading Down 4.2% on Insider Selling

Key Points

• Avidity Biosciences stock dropped 4.2% to $44.51 on Monday, primarily due to insider selling by Teresa Mccarthy, who sold 10,000 shares at an average price of $46.56.
• Despite the recent decline, several analysts have expressed a positive outlook, raising their price targets, with Citigroup increasing its target from $70 to $75 and maintaining a "buy" rating.
• The company has a market capitalization of $5.75 billion and is developing treatments for rare diseases through its innovative antibody oligonucleotide conjugates (AOC).

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s stock price fell 4.2% on Monday following insider selling activity. The company traded as low as $44.55 and last traded at $44.51. 1,095,468 shares were traded during trading, a decline of 40% from the average session volume of 1,834,316 shares. The stock had previously closed at $46.47.

Specifically, insider Teresa Mccarthy sold 10,000 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $46.56, for a total value of $465,600.00. Following the transaction, the insider owned 97,130 shares of the company's stock, valued at $4,522,372.80. This represents a 9.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

Several analysts have issued reports on RNA shares. Citigroup lifted their price target on Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Evercore ISI restated an "outperform" rating and issued a $70.00 price objective on shares of Avidity Biosciences in a report on Friday, July 11th. Raymond James Financial started coverage on Avidity Biosciences in a report on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 price target for the company. Wells Fargo & Company raised their price objective on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $96.00 price target on shares of Avidity Biosciences in a research report on Friday, June 27th. Seventeen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $67.00.

Avidity Biosciences Trading Down 3.8%

The firm has a 50-day moving average price of $34.39 and a 200-day moving average price of $31.80. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of -12.58 and a beta of 0.95.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently bought and sold shares of RNA. LPL Financial LLC lifted its holdings in shares of Avidity Biosciences by 273.9% during the fourth quarter. LPL Financial LLC now owns 16,726 shares of the biotechnology company's stock valued at $486,000 after acquiring an additional 12,253 shares during the period. Legal & General Group Plc raised its position in shares of Avidity Biosciences by 7.3% during the 4th quarter. Legal & General Group Plc now owns 102,100 shares of the biotechnology company's stock valued at $2,969,000 after acquiring an additional 6,937 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Avidity Biosciences by 48.8% during the 4th quarter. Renaissance Technologies LLC now owns 211,200 shares of the biotechnology company's stock worth $6,142,000 after buying an additional 69,300 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Avidity Biosciences during the 4th quarter worth about $5,784,000. Finally, Summit Investment Advisors Inc. grew its position in shares of Avidity Biosciences by 6.1% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,611 shares of the biotechnology company's stock worth $338,000 after buying an additional 666 shares during the period.

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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