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 analysts at Evercore ISI from $70.00 to $65.00 in a research note issued on Monday,Benzinga reports. The firm currently has an "outperform" rating on the biotechnology company's stock. Evercore ISI's target price would indicate a potential upside of 53.52% from the company's previous close.

A number of other equities research analysts also recently weighed in on the company. Roth Capital started coverage on Avidity Biosciences in a report on Wednesday, September 17th. They issued a "buy" rating and a $62.00 price target for the company. The Goldman Sachs Group upgraded shares of Avidity Biosciences to a "buy" rating and set a $55.00 target price for the company in a research note on Thursday, July 10th. Cantor Fitzgerald restated an "overweight" rating and issued a $96.00 price target on shares of Avidity Biosciences in a research report on Friday, June 27th. Citigroup boosted their price objective on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Finally, Chardan Capital reiterated a "buy" rating and set a $75.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, September 10th. One investment analyst has rated the stock with a Strong Buy rating and eighteen have assigned a Buy rating to the stock. According to data from MarketBeat, Avidity Biosciences has an average rating of "Buy" and a consensus price target of $68.32.

Avidity Biosciences Trading Up 3.1%

Avidity Biosciences stock traded up $1.28 during midday trading on Monday, hitting $42.34. The stock had a trading volume of 2,198,181 shares, compared to its average volume of 3,937,405. The stock has a market cap of $6.18 billion, a P/E ratio of -11.89 and a beta of 0.99. Avidity Biosciences has a 12 month low of $21.51 and a 12 month high of $56.00. The business has a fifty day moving average price of $42.11 and a 200 day moving average price of $34.23.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CEO Sarah Boyce sold 50,000 shares of the firm'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 value of $2,497,500.00. Following the sale, the chief executive officer owned 305,871 shares in the company, valued at approximately $15,278,256.45. This trade represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eric Mosbrooker sold 6,563 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $47.07, for a total value of $308,920.41. Following the sale, the insider directly owned 55,000 shares in the company, valued at approximately $2,588,850. This trade represents a 10.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 540,499 shares of company stock worth $24,814,854 over the last 90 days. Corporate insiders own 3.83% of the company's stock.

Institutional Trading of Avidity Biosciences

Hedge funds have recently added to or reduced their stakes in the business. Westside Investment Management Inc. acquired a new position in Avidity Biosciences during the 2nd quarter worth $29,000. PNC Financial Services Group Inc. raised its stake in shares of Avidity Biosciences by 291.5% during the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company's stock valued at $42,000 after purchasing an additional 1,099 shares in the last quarter. Osaic Holdings Inc. grew its position in Avidity Biosciences by 1,659.1% in the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company's stock valued at $48,000 after buying an additional 1,543 shares in the last quarter. Parallel Advisors LLC grew its position in Avidity Biosciences by 43.3% in the 1st 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 in the last quarter. Finally, Elevation Point Wealth Partners LLC acquired a new position in Avidity Biosciences during the 2nd quarter valued at about $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.