Avidity Biosciences, Inc. (NASDAQ:RNA) Receives Average Recommendation of “Buy” from Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has been given a consensus recommendation of “Buy” by the ten research firms that are covering the firm, Marketbeat reports. Ten analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $65.80.

Several brokerages recently commented on RNA. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. HC Wainwright restated a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Friday, January 10th. Royal Bank of Canada restated an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Finally, Chardan Capital restated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th.

Avidity Biosciences Price Performance

NASDAQ:RNA opened at $29.16 on Friday. The firm’s 50-day moving average price is $31.09 and its 200-day moving average price is $39.12. The company has a market capitalization of $3.48 billion, a PE ratio of -10.13 and a beta of 1.00. Avidity Biosciences has a 1-year low of $14.10 and a 1-year high of $56.00.

Insider Buying and Selling at Avidity Biosciences

In related news, Director Arthur A. Levin sold 1,872 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the completion of the transaction, the director now directly owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. This trade represents a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the completion of the transaction, the insider now directly owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. This trade represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 129,138 shares of company stock valued at $4,229,012 in the last three months. 3.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Creative Planning boosted its stake in Avidity Biosciences by 76.5% during the third quarter. Creative Planning now owns 23,806 shares of the biotechnology company’s stock worth $1,093,000 after buying an additional 10,319 shares during the period. Raymond James & Associates boosted its stake in Avidity Biosciences by 2.0% during the third quarter. Raymond James & Associates now owns 156,763 shares of the biotechnology company’s stock worth $7,200,000 after buying an additional 3,131 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in Avidity Biosciences during the third quarter worth $30,000. International Assets Investment Management LLC purchased a new position in Avidity Biosciences during the third quarter worth $16,880,000. Finally, Values First Advisors Inc. purchased a new position in Avidity Biosciences during the third quarter worth $32,000.

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.