Avidity Biosciences (NASDAQ:RNA) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Avidity Biosciences (NASDAQ:RNA) from a sell rating to a hold rating in a research report sent to investors on Saturday.

Other analysts also recently issued reports about the company. HC Wainwright lifted their price objective on Avidity Biosciences from $68.00 to $87.00 and gave the company a “buy” rating in a report on Friday, September 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, October 8th. Bank of America boosted their price target on shares of Avidity Biosciences from $56.00 to $65.00 and gave the company a “buy” rating in a report on Monday, September 15th. Chardan Capital reissued a “buy” rating and issued a $75.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, September 10th. Finally, Needham & Company LLC boosted their price objective on shares of Avidity Biosciences from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 10th. Twelve equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $68.74.

Avidity Biosciences Stock Up 42.4%

Shares of NASDAQ RNA opened at $70.00 on Friday. The business has a fifty day simple moving average of $46.34 and a two-hundred day simple moving average of $37.38. The firm has a market cap of $10.21 billion, a PE ratio of -19.66 and a beta of 0.97. Avidity Biosciences has a twelve month low of $21.51 and a twelve month high of $70.51.

Insider Activity

In other news, Director Arthur A. Levin sold 107,500 shares of the company’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $47.62, for a total transaction of $5,119,150.00. Following the transaction, the director directly owned 19,650 shares of the company’s stock, valued at approximately $935,733. This represents a 84.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Troy Edward Wilson sold 65,554 shares of the company’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $45.00, for a total value of $2,949,930.00. Following the transaction, the director directly owned 17,776 shares in the company, valued at approximately $799,920. The trade was a 78.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 571,478 shares of company stock worth $26,310,254 over the last 90 days. 3.83% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. CWM LLC increased its holdings in shares of Avidity Biosciences by 1,635.1% during the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after acquiring an additional 605 shares in the last quarter. Westside Investment Management Inc. acquired a new position in shares of Avidity Biosciences during the second quarter valued at about $29,000. PNC Financial Services Group Inc. increased its stake 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 valued at $42,000 after purchasing an additional 1,099 shares in the last quarter. Osaic Holdings Inc. increased its stake 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 valued at $48,000 after purchasing an additional 1,543 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC acquired a new position in Avidity Biosciences during the 2nd quarter valued at 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.