Avidity Biosciences, Inc. (NASDAQ:RNA) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been assigned a consensus rating of “Hold” from the twenty-three ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and nine have assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $69.2381.

Several research analysts have issued reports on RNA shares. Evercore ISI lowered their price objective on shares of Avidity Biosciences from $70.00 to $65.00 and set an “outperform” rating on the stock in a research report on Monday, September 22nd. Sanford C. Bernstein lowered Avidity Biosciences from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $52.00 to $72.00 in a report on Monday, October 27th. Wells Fargo & Company boosted their price target on Avidity Biosciences from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, TD Cowen downgraded Avidity Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the company from $78.00 to $74.00 in a research note on Wednesday, October 29th.

Avidity Biosciences Trading Up 0.0%

Shares of RNA opened at $69.83 on Wednesday. The company’s 50 day simple moving average is $49.28 and its 200-day simple moving average is $39.31. The firm has a market cap of $10.19 billion, a PE ratio of -19.62 and a beta of 0.97. Avidity Biosciences has a 12-month low of $21.51 and a 12-month high of $70.51.

Insider Buying and Selling

In other news, Director Troy Edward Wilson sold 29,500 shares of the business’s stock in a transaction dated 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 transaction, the director directly owned 54,425 shares in the company, valued at $2,721,250. The trade was a 35.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Eric Mosbrooker sold 6,563 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $47.07, for a total transaction of $308,920.41. Following the transaction, the insider directly owned 55,000 shares of the company’s stock, valued at $2,588,850. This represents a 10.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 154,438 shares of company stock worth $7,588,537 in the last ninety days. Insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors have recently added to or reduced their stakes in the business. AlphaQuest LLC raised its stake in shares of Avidity Biosciences by 123.0% during the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after buying an additional 331 shares in the last quarter. CWM LLC grew its holdings in Avidity Biosciences by 1,635.1% during the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock worth $28,000 after acquiring an additional 605 shares during the period. Westside Investment Management Inc. purchased a new position in Avidity Biosciences in the second quarter worth $29,000. PNC Financial Services Group Inc. lifted its holdings in Avidity Biosciences by 291.5% in the second quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 1,099 shares during the period. Finally, Osaic Holdings Inc. lifted its holdings in Avidity Biosciences by 1,659.1% in the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock valued at $48,000 after acquiring an additional 1,543 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.