Avidity Biosciences (NASDAQ:RNA) Cut to Hold at Wolfe Research

Wolfe Research downgraded shares of Avidity Biosciences (NASDAQ:RNA) from a strong-buy rating to a hold rating in a research report released on Tuesday morning,Zacks.com reports.

A number of other research firms have also recently issued reports on RNA. Cowen cut shares of Avidity Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday. Loop Capital set a $72.00 target price on Avidity Biosciences in a research note on Tuesday. HC Wainwright downgraded Avidity Biosciences from a “buy” rating to a “neutral” rating and decreased their target price for the company from $87.00 to $72.00 in a report on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, October 8th. Finally, Bank of America lifted 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. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Avidity Biosciences presently has a consensus rating of “Hold” and an average price target of $69.24.

Avidity Biosciences Stock Performance

Shares of Avidity Biosciences stock opened at $69.69 on Tuesday. Avidity Biosciences has a 52-week low of $21.51 and a 52-week high of $70.51. The company’s 50 day moving average price is $47.87 and its 200-day moving average price is $38.23. The stock has a market capitalization of $10.17 billion, a price-to-earnings ratio of -19.58 and a beta of 0.97.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Eric Mosbrooker sold 130,807 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $44.06, for a total transaction of $5,763,356.42. Following the completion of the transaction, the insider directly owned 55,000 shares in the company, valued at approximately $2,423,300. This trade represents a 70.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven George Hughes sold 81,434 shares of the firm’s stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $42.74, for a total value of $3,480,489.16. Following the transaction, the insider directly owned 38,867 shares of the company’s stock, valued at approximately $1,661,175.58. This trade represents a 67.69% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 571,478 shares of company stock valued at $26,310,254. 3.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its stake in Avidity Biosciences by 2.7% in 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 in the last quarter. Wellington Management Group LLP increased its position in shares of Avidity Biosciences by 19.5% during the first quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company’s stock valued at $285,888,000 after acquiring an additional 1,578,459 shares in the last quarter. Geode Capital Management LLC raised its holdings in 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 last quarter. Bank of America Corp DE lifted its position in 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 valued at $52,237,000 after acquiring an additional 264,827 shares in the last quarter. Finally, Driehaus Capital Management LLC boosted its stake in Avidity Biosciences by 3.5% during the 1st quarter. Driehaus Capital Management LLC now owns 1,270,931 shares of the biotechnology company’s stock valued at $37,518,000 after purchasing an additional 42,873 shares during the last quarter.

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.