Bank of America Issues Positive Forecast for Avidity Biosciences (NASDAQ:RNA) Stock Price

Key Points

• Bank of America raised its price target for Avidity Biosciences from $56.00 to $65.00, indicating a potential upside of 60.23% from the current stock price.
• Avidity Biosciences' stock experienced a 9.3% decline on Monday, trading at $40.57, despite optimistic forecasts from multiple brokerages.
• In recent months, insiders sold over 541,000 shares of Avidity Biosciences stock, raising concerns around insider activity as ownership by company insiders drops to 3.83%.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) had its price target upped by investment analysts at Bank of America from $56.00 to $65.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the biotechnology company's stock. Bank of America's target price points to a potential upside of 60.23% from the stock's current price.

Several other brokerages have also recently commented on RNA. Evercore ISI reissued an "outperform" rating and set a $70.00 price target on shares of Avidity Biosciences in a research report on Friday, July 11th. JPMorgan Chase & Co. raised their price objective on Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. The Goldman Sachs Group raised Avidity Biosciences to a "buy" rating and set a $55.00 price objective for the company in a research report on Thursday, July 10th. HC Wainwright raised their price objective on Avidity Biosciences from $68.00 to $87.00 and gave the company a "buy" rating in a research report on Friday. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $96.00 price objective on shares of Avidity Biosciences in a research report on Friday, June 27th. One research analyst has rated the stock with a Strong Buy rating and seventeen have assigned a Buy rating to the company's stock. According to data from MarketBeat, Avidity Biosciences has an average rating of "Buy" and an average price target of $68.94.

Avidity Biosciences Stock Down 9.3%

Shares of NASDAQ:RNA traded down $4.17 during mid-day trading on Monday, reaching $40.57. 3,161,245 shares of the stock were exchanged, compared to its average volume of 2,033,913. The company has a market cap of $5.22 billion, a P/E ratio of -11.38 and a beta of 0.99. Avidity Biosciences has a one year low of $21.51 and a one year high of $56.00. The stock's 50 day simple moving average is $40.89 and its 200-day simple moving average is $33.75.

Insider Buying and Selling

In other news, Director Troy Edward Wilson sold 65,554 shares of Avidity Biosciences stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $45.00, for a total value of $2,949,930.00. Following the transaction, the director owned 17,776 shares in the company, valued at approximately $799,920. This trade represents a 78.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eric Mosbrooker sold 130,807 shares of Avidity Biosciences stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $44.06, for a total value of $5,763,356.42. Following the completion of the transaction, the insider owned 55,000 shares in the company, valued at approximately $2,423,300. The trade was a 70.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 541,410 shares of company stock worth $24,842,402. 3.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Westside Investment Management Inc. bought a new position in shares of Avidity Biosciences in the 2nd quarter valued at $29,000. PNC Financial Services Group Inc. grew its position 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 worth $42,000 after acquiring an additional 1,099 shares during the last quarter. Osaic Holdings Inc. grew its position 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 worth $48,000 after acquiring an additional 1,543 shares during the last quarter. Parallel Advisors LLC grew its position in Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock worth $50,000 after acquiring an additional 515 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new stake in Avidity Biosciences during the 2nd quarter worth $49,000.

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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