Steven George Hughes Sells 2,208 Shares of Avidity Biosciences (NASDAQ:RNA) Stock

Avidity Biosciences, Inc. (NASDAQ:RNA) insider Steven George Hughes sold 2,208 shares of Avidity Biosciences stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $46.40, for a total transaction of $102,451.20. Following the completion of the sale, the insider directly owned 38,867 shares in the company, valued at approximately $1,803,428.80. The trade was a 5.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Steven George Hughes also recently made the following trade(s):

• On Wednesday, August 6th, Steven George Hughes sold 81,434 shares of Avidity Biosciences stock. The shares were sold at an average price of $42.74, for a total transaction of $3,480,489.16.

Avidity Biosciences Stock Up 3.8%

Shares of NASDAQ RNA opened at $46.35 on Friday. The stock has a market capitalization of $5.96 billion, a price-to-earnings ratio of -13.02 and a beta of 0.95. The firm has a 50-day moving average price of $35.63 and a 200 day moving average price of $32.21. Avidity Biosciences, Inc. has a 52 week low of $21.51 and a 52 week high of $56.00.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RNA. Raymond James Financial assumed 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. HC Wainwright dropped their target price on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, May 12th. The Goldman Sachs Group upgraded shares of Avidity Biosciences to a “buy” rating and set a $55.00 price target for the company in a research report on Thursday, July 10th. JPMorgan Chase & Co. raised their price objective on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. Finally, Bank of America raised their target price on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, June 9th. One investment analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $67.00.

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in RNA. TD Waterhouse Canada Inc. lifted its position in Avidity Biosciences by 646.3% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after buying an additional 866 shares in the last quarter. Westside Investment Management Inc. acquired a new stake in shares of Avidity Biosciences in the 2nd quarter valued at approximately $29,000. PNC Financial Services Group Inc. raised its holdings in Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after buying an additional 1,099 shares during the period. Parallel Advisors LLC raised its holdings in Avidity Biosciences by 43.3% during the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock worth $50,000 after buying an additional 515 shares during the period. Finally, Elevation Point Wealth Partners LLC acquired a new stake in Avidity Biosciences during 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.