Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $67.00 Consensus Price Target from Brokerages

Avidity Biosciences, Inc. (NASDAQ:RNA) has earned a consensus rating of “Buy” from the eighteen brokerages that are presently covering the stock, Marketbeat.com reports. Seventeen analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $67.00.

Several brokerages have recently weighed in on RNA. Sanford C. Bernstein began coverage on shares of Avidity Biosciences in a research note on Tuesday, June 24th. They set an “outperform” rating and a $50.00 price target for the company. The Goldman Sachs Group raised shares of Avidity Biosciences to a “buy” rating and set a $55.00 price target for the company in a research note on Thursday, July 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price target on shares of Avidity Biosciences in a research note on Friday, June 27th. Chardan Capital reaffirmed a “buy” rating and set a $75.00 price target on shares of Avidity Biosciences in a research note on Friday, August 8th. Finally, Raymond James Financial began 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 target for the company.

Insiders Place Their Bets

In other Avidity Biosciences news, insider Eric Mosbrooker sold 130,807 shares of the firm’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $44.06, for a total transaction of $5,763,356.42. Following the completion of the sale, the insider owned 55,000 shares of the company’s stock, valued at $2,423,300. This trade represents a 70.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Arthur A. Levin sold 107,500 shares of Avidity Biosciences stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $47.62, for a total value of $5,119,150.00. Following the sale, the director directly owned 19,650 shares of the company’s stock, valued at $935,733. This represents a 84.55% decrease in their position. The disclosure for this sale can be found here. Insiders sold 453,826 shares of company stock valued at $20,063,286 in the last ninety days. 3.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Avidity Biosciences by 291.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,570 shares of the biotechnology company’s stock worth $492,000 after purchasing an additional 11,594 shares during the period. Parallel Advisors LLC increased its position in shares of Avidity Biosciences by 43.3% in the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock worth $50,000 after purchasing an additional 515 shares during the period. Amalgamated Bank increased its position in shares of Avidity Biosciences by 12.0% in the first quarter. Amalgamated Bank now owns 3,915 shares of the biotechnology company’s stock worth $116,000 after purchasing an additional 418 shares during the period. Ameriprise Financial Inc. increased its position in shares of Avidity Biosciences by 106.1% in the fourth quarter. Ameriprise Financial Inc. now owns 27,444 shares of the biotechnology company’s stock worth $798,000 after purchasing an additional 14,129 shares during the period. Finally, New York State Common Retirement Fund increased its position in shares of Avidity Biosciences by 47.3% in the first quarter. New York State Common Retirement Fund now owns 272,279 shares of the biotechnology company’s stock worth $8,038,000 after purchasing an additional 87,468 shares during the period.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $46.47 on Friday. The business has a 50 day simple moving average of $34.39 and a 200 day simple moving average of $31.80. Avidity Biosciences has a 52-week low of $21.51 and a 52-week high of $56.00. The stock has a market cap of $5.98 billion, a price-to-earnings ratio of -13.05 and a beta of 0.95.

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.