Evercore ISI Issues Pessimistic Forecast for Avidity Biosciences (NASDAQ:RNA) Stock Price

Avidity Biosciences (NASDAQ:RNA) had its price target dropped by equities research analysts at Evercore ISI from $70.00 to $65.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Evercore ISI’s price target suggests a potential upside of 53.66% from the stock’s current price.

Other research analysts have also issued reports about the stock. Wells Fargo & Company upped their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Chardan Capital restated a “buy” rating and set a $75.00 target price on shares of Avidity Biosciences in a research report on Wednesday, September 10th. Barclays reiterated an “overweight” rating and issued a $62.00 price target (up from $59.00) on shares of Avidity Biosciences in a research report on Friday, August 8th. Wolfe Research began coverage on shares of Avidity Biosciences in a research report on Tuesday, June 17th. They issued an “outperform” rating and a $55.00 price target on the stock. Finally, Raymond James Financial began coverage on shares of Avidity Biosciences in a research report on Wednesday, June 11th. They issued a “strong-buy” rating and a $65.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating and eighteen have issued a Buy rating to the company. Based on data from MarketBeat, Avidity Biosciences presently has an average rating of “Buy” and a consensus target price of $68.32.

Avidity Biosciences Trading Down 0.1%

Shares of RNA opened at $42.30 on Monday. The firm’s 50-day moving average is $42.33 and its two-hundred day moving average is $34.29. Avidity Biosciences has a twelve month low of $21.51 and a twelve month high of $56.00. The firm has a market capitalization of $6.17 billion, a P/E ratio of -11.88 and a beta of 0.99.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 107,500 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $47.62, for a total transaction of $5,119,150.00. Following the transaction, the director owned 19,650 shares of the company’s stock, valued at $935,733. This trade represents a 84.55% 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, CEO Sarah Boyce sold 50,000 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $49.95, for a total transaction 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. This represents a 14.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 542,707 shares of company stock valued at $24,904,454 over the last 90 days. 3.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently made changes to their positions in the business. Westside Investment Management Inc. purchased a new position in shares of Avidity Biosciences in the 2nd quarter valued at $29,000. PNC Financial Services Group Inc. raised its stake in shares of Avidity Biosciences by 291.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 1,099 shares during the period. Osaic Holdings Inc. raised its stake in shares of 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 during the period. Elevation Point Wealth Partners LLC purchased a new position in shares of Avidity Biosciences in the 2nd quarter valued at $49,000. Finally, Parallel Advisors LLC raised its stake in shares of Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company’s stock valued at $50,000 after acquiring an additional 515 shares during the period.

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.