Avidity Biosciences (NASDAQ:RNA) Director Troy Edward Wilson Sells 29,500 Shares

Avidity Biosciences, Inc. (NASDAQ:RNA) Director Troy Edward Wilson sold 29,500 shares of the firm’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $50.00, for a total transaction of $1,475,000.00. Following the completion of the sale, the director owned 54,425 shares of the company’s stock, valued at $2,721,250. This trade represents a 35.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Troy Edward Wilson also recently made the following trade(s):

• On Wednesday, August 6th, Troy Edward Wilson sold 65,554 shares of Avidity Biosciences stock. The stock was sold at an average price of $45.00, for a total value of $2,949,930.00.
• On Wednesday, August 6th, Troy Edward Wilson sold 29,500 shares of Avidity Biosciences stock. The shares were sold at an average price of $45.00, for a total value of $1,327,500.00.

Avidity Biosciences Trading Down 3.0%

RNA opened at $46.62 on Wednesday. The stock has a fifty day simple moving average of $40.00 and a two-hundred day simple moving average of $33.42. The company has a market cap of $6.00 billion, a price-to-earnings ratio of -13.10 and a beta of 0.99. Avidity Biosciences, Inc. has a 12-month low of $21.51 and a 12-month high of $56.00.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds have recently added to or reduced their stakes in the stock. Westside Investment Management Inc. purchased a new stake in Avidity Biosciences during the second quarter valued at $29,000. PNC Financial Services Group Inc. lifted its stake 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 purchasing an additional 1,099 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of Avidity Biosciences by 1,659.1% in the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after buying an additional 1,543 shares during the last quarter. 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. Finally, Elevation Point Wealth Partners LLC bought a new stake in Avidity Biosciences during the second quarter valued at approximately $49,000.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on RNA shares. Chardan Capital reiterated a “buy” rating and set a $75.00 target price on shares of Avidity Biosciences in a report on Friday, August 8th. Wells Fargo & Company upped their price target on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, August 8th. Cantor Fitzgerald restated an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research note on Friday, June 27th. Raymond James Financial started coverage on shares of Avidity Biosciences in a research note on Wednesday, June 11th. They set a “strong-buy” rating and a $65.00 price objective for the company. Finally, The Goldman Sachs Group upgraded shares of Avidity Biosciences to a “buy” rating and set a $55.00 target price on the stock in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $67.00.

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.