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

Avidity Biosciences (NASDAQ:RNA) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

Other equities research analysts have also recently issued reports about the company. The Goldman Sachs Group raised Avidity Biosciences to a “buy” rating and set a $55.00 price objective on the stock in a research report on Thursday, July 10th. Chardan Capital reaffirmed a “buy” rating and set a $75.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, September 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a research report on Friday, June 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a report on Friday. Finally, Bank of America increased their target price on Avidity Biosciences from $56.00 to $65.00 and gave the company a “buy” rating in a report on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.78.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $49.15 on Friday. Avidity Biosciences has a one year low of $21.51 and a one year high of $56.00. The stock has a market capitalization of $7.17 billion, a PE ratio of -13.81 and a beta of 0.97. The business’s fifty day moving average is $45.83 and its 200 day moving average is $36.89.

Insider Buying and Selling

In other news, insider Eric Mosbrooker sold 130,807 shares of the firm’s stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $44.06, for a total value of $5,763,356.42. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Troy Edward Wilson sold 65,554 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director directly owned 17,776 shares in the company, valued at $799,920. This trade represents a 78.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 571,478 shares of company stock valued at $26,310,254 in the last 90 days. Insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its stake in shares of Avidity Biosciences by 2.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,338,098 shares of the biotechnology company’s stock worth $334,701,000 after buying an additional 295,275 shares during the period. Wellington Management Group LLP raised its stake in shares of Avidity Biosciences by 19.5% in the first quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company’s stock worth $285,888,000 after buying an additional 1,578,459 shares during the period. Geode Capital Management LLC raised its stake in shares of Avidity Biosciences by 3.4% in the second quarter. Geode Capital Management LLC now owns 2,847,965 shares of the biotechnology company’s stock worth $80,893,000 after buying an additional 92,719 shares during the period. Bank of America Corp DE raised its stake in shares of Avidity Biosciences by 16.8% in the second quarter. Bank of America Corp DE now owns 1,839,315 shares of the biotechnology company’s stock worth $52,237,000 after buying an additional 264,827 shares during the period. Finally, Driehaus Capital Management LLC raised its stake in shares of Avidity Biosciences by 3.5% in the first quarter. Driehaus Capital Management LLC now owns 1,270,931 shares of the biotechnology company’s stock worth $37,518,000 after buying an additional 42,873 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.