Bank of America Increases Avidity Biosciences (NASDAQ:RNA) Price Target to $65.00

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 - Free Report) had its price objective hoisted by Bank of America from $56.00 to $65.00 in a research report released on Monday,Benzinga reports. Bank of America currently has a buy rating on the biotechnology company's stock.

RNA has been the subject of a number of other research reports. Raymond James Financial assumed coverage on shares of Avidity Biosciences in a report on Wednesday, June 11th. They set a "strong-buy" rating and a $65.00 price objective for the company. Needham & Company LLC raised their price objective on shares of Avidity Biosciences from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, September 10th. Chardan Capital restated a "buy" rating and set a $75.00 price objective on shares of Avidity Biosciences in a report on Wednesday, September 10th. HC Wainwright raised their price objective on shares of Avidity Biosciences from $68.00 to $87.00 and gave the stock a "buy" rating in a report on Friday, September 12th. Finally, Evercore ISI reiterated an "outperform" rating and issued a $70.00 target price on shares of Avidity Biosciences in a research note on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating and eighteen have given a Buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $68.58.

Avidity Biosciences Stock Down 1.8%

NASDAQ RNA traded down $0.75 during trading hours on Monday, reaching $41.06. 4,845,059 shares of the company were exchanged, compared to its average volume of 3,789,561. Avidity Biosciences has a 1 year low of $21.51 and a 1 year high of $56.00. The business's 50 day simple moving average is $41.94 and its 200-day simple moving average is $34.09. The stock has a market capitalization of $5.99 billion, a P/E ratio of -11.53 and a beta of 0.99.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 50,000 shares of Avidity Biosciences 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 completion of the sale, the chief executive officer directly owned 305,871 shares in the company, valued at $15,278,256.45. The trade was a 14.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven George Hughes sold 2,208 shares of Avidity Biosciences stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $46.40, for a total transaction of $102,451.20. Following the sale, the insider owned 38,867 shares of the company's stock, valued at approximately $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. Insiders sold a total of 540,499 shares of company stock valued at $24,814,854 over the last quarter. Company insiders own 3.83% of the company's stock.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds have recently bought and sold shares of the stock. Westside Investment Management Inc. bought a new stake in Avidity Biosciences during the second quarter valued at approximately $29,000. PNC Financial Services Group Inc. lifted its holdings in shares of Avidity Biosciences by 291.5% in 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. lifted its holdings in shares of Avidity Biosciences by 1,659.1% in 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 lifted its holdings in shares of 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 acquiring an additional 515 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Avidity Biosciences in the 2nd quarter worth approximately $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.