Avidity Biosciences (NASDAQ:RNA) Rating Lowered to Sector Perform at Royal Bank Of Canada

Avidity Biosciences (NASDAQ:RNA) was downgraded by investment analysts at Royal Bank Of Canada from a “moderate buy” rating to a “sector perform” rating in a note issued to investors on Tuesday, Marketbeat reports. They presently have a $72.00 target price on the biotechnology company’s stock, up from their prior target price of $61.00. Royal Bank Of Canada’s price objective would suggest a potential upside of 3.37% from the company’s current price.

Other analysts have also issued research reports about the company. 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. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. The Goldman Sachs Group raised Avidity Biosciences to a “buy” rating and set a $55.00 target price on the stock in a research note on Thursday, July 10th. Wells Fargo & Company lifted their target price on Avidity Biosciences from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, August 8th. Finally, Evercore ISI lowered their target price on Avidity Biosciences from $70.00 to $65.00 and set an “outperform” rating on the stock in a research note on Monday, September 22nd. Ten research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $69.24.

Avidity Biosciences Price Performance

Avidity Biosciences stock opened at $69.65 on Tuesday. The firm’s 50 day simple moving average is $47.37 and its 200-day simple moving average is $38.01. The company has a market cap of $10.16 billion, a P/E ratio of -19.56 and a beta of 0.97. Avidity Biosciences has a fifty-two week low of $21.51 and a fifty-two week high of $70.51.

Insider Buying and Selling at Avidity Biosciences

In other news, CEO Sarah Boyce sold 50,000 shares of Avidity Biosciences stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $49.95, for a total value of $2,497,500.00. Following the transaction, the chief executive officer directly owned 305,871 shares in the company, valued at approximately $15,278,256.45. The trade was a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Teresa Mccarthy sold 20,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $50.15, for a total value of $1,003,000.00. Following the completion of the transaction, the insider owned 97,130 shares in the company, valued at $4,871,069.50. The trade was a 17.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 571,478 shares of company stock worth $26,310,254 in the last quarter. 3.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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