Evercore ISI Cuts Avidity Biosciences (NASDAQ:RNA) Price Target to $65.00

Key Points

• Evercore ISI has reduced the price target for Avidity Biosciences (NASDAQ:RNA) from $70.00 to $65.00, while maintaining an "outperform" rating, indicating a potential upside of 53.23% from the company's previous close.
• While several analysts have varied price targets for Avidity, the consensus target is currently set at $68.32 with most analysts giving the stock a Buy rating.
• Avidity Biosciences' stock saw an increase of 3.3% in midday trading on Monday, reaching a price of $42.42, while insider selling activities were noted involving significant share transactions.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) had its target price reduced by stock analysts at Evercore ISI from $70.00 to $65.00 in a report issued on Monday,Benzinga reports. The firm presently has an "outperform" rating on the biotechnology company's stock. Evercore ISI's price target suggests a potential upside of 53.23% from the company's previous close.

RNA has been the topic of several other reports. Sanford C. Bernstein initiated coverage on Avidity Biosciences in a research report on Tuesday, June 24th. They set an "outperform" rating and a $50.00 price target on the stock. Wells Fargo & Company raised their price objective on Avidity Biosciences from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Citigroup lifted their price target on Avidity Biosciences from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. HC Wainwright upped their price target on Avidity Biosciences from $68.00 to $87.00 and gave the stock a "buy" rating in a report on Friday, September 12th. Finally, Wolfe Research started coverage on Avidity Biosciences in a research report on Tuesday, June 17th. They issued an "outperform" rating and a $55.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating and eighteen have issued a Buy rating to the company. According to MarketBeat, Avidity Biosciences presently has a consensus rating of "Buy" and a consensus price target of $68.32.

Avidity Biosciences Trading Up 3.3%

Avidity Biosciences stock traded up $1.36 during midday trading on Monday, reaching $42.42. The company's stock had a trading volume of 293,642 shares, compared to its average volume of 2,078,623. The business has a 50-day moving average price of $41.94 and a 200-day moving average price of $34.15. Avidity Biosciences has a 52 week low of $21.51 and a 52 week high of $56.00. The stock has a market cap of $6.19 billion, a PE ratio of -11.90 and a beta of 0.99.

Insider Buying and Selling at Avidity Biosciences

In related news, Director Troy Edward Wilson sold 29,500 shares of Avidity Biosciences stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $50.00, for a total transaction of $1,475,000.00. Following the sale, the director directly owned 54,425 shares of the company's stock, valued at approximately $2,721,250. The trade was a 35.15% decrease in their position. 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 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 completion of 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 have sold a total of 540,499 shares of company stock worth $24,814,854 in the last ninety days. Insiders own 3.83% of the company's stock.

Institutional Investors Weigh In On Avidity Biosciences

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.