Avidity Biosciences (NASDAQ:RNA) Shares Gap Up Following Analyst Upgrade

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) gapped up prior to trading on Friday after HC Wainwright raised their price target on the stock from $68.00 to $87.00. The stock had previously closed at $41.04, but opened at $43.06. HC Wainwright currently has a buy rating on the stock. Avidity Biosciences shares last traded at $44.12, with a volume of 1,543,785 shares traded.

Other equities analysts have also issued reports about the company. Evercore ISI restated an “outperform” rating and set a $70.00 target price on shares of Avidity Biosciences in a research report on Friday, July 11th. Bank of America boosted their target price on Avidity Biosciences from $48.00 to $54.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. Chardan Capital restated a “buy” rating and set a $75.00 target price on shares of Avidity Biosciences in a research report on Wednesday. The Goldman Sachs Group upgraded Avidity Biosciences to a “buy” rating and set a $55.00 target price for the company in a research report on Thursday, July 10th. Finally, Raymond James Financial began coverage on Avidity Biosciences in a research report on Wednesday, June 11th. They issued a “strong-buy” rating and a $65.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating and seventeen have issued a Buy rating to the stock. Based on data from MarketBeat, Avidity Biosciences presently has a consensus rating of “Buy” and a consensus target price of $68.33.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Steven George Hughes sold 2,208 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $46.40, for a total value of $102,451.20. Following the sale, the insider 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Teresa Mccarthy sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $46.56, for a total value of $465,600.00. Following the completion of the sale, the insider owned 97,130 shares in the company, valued at $4,522,372.80. The trade was a 9.33% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 541,410 shares of company stock worth $24,842,402. Corporate insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. lifted its stake in Avidity Biosciences by 1,659.1% in the 2nd 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 in the last quarter. Hudson Bay Capital Management LP bought a new stake in shares of Avidity Biosciences during the 2nd quarter worth approximately $2,130,000. Tower Research Capital LLC TRC raised its stake in shares of Avidity Biosciences by 59.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 13,009 shares of the biotechnology company’s stock worth $369,000 after purchasing an additional 4,850 shares in the last quarter. E Fund Management Co. Ltd. raised its stake in shares of Avidity Biosciences by 4.6% during the 2nd quarter. E Fund Management Co. Ltd. now owns 14,163 shares of the biotechnology company’s stock worth $402,000 after purchasing an additional 629 shares in the last quarter. Finally, Sofinnova Investments Inc. raised its stake in shares of Avidity Biosciences by 53.9% during the 2nd quarter. Sofinnova Investments Inc. now owns 584,801 shares of the biotechnology company’s stock worth $16,608,000 after purchasing an additional 204,870 shares in the last quarter.

Avidity Biosciences Trading Up 9.0%

The company has a market cap of $5.76 billion, a P/E ratio of -12.57 and a beta of 0.99. The business has a 50 day moving average price of $40.89 and a 200-day moving average price of $33.69.

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.