Analysts Set Avidity Biosciences, Inc. (NASDAQ:RNA) Price Target at $65.80

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) have been given an average rating of “Buy” by the ten ratings firms that are presently covering the stock, MarketBeat.com reports. Ten equities research analysts have rated the stock with a buy recommendation. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $65.80.

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

Avidity Biosciences Stock Down 4.3 %

Shares of NASDAQ RNA opened at $31.12 on Friday. The firm’s 50-day moving average price is $31.22 and its two-hundred day moving average price is $39.32. Avidity Biosciences has a 52-week low of $13.73 and a 52-week high of $56.00. The stock has a market capitalization of $3.71 billion, a P/E ratio of -10.81 and a beta of 1.00.

Insider Activity

In other news, Director Arthur A. Levin sold 1,872 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the sale, the director now directly owns 12,958 shares of the company’s stock, valued at $370,598.80. This trade represents a 12.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider W. Michael Flanagan sold 24,000 shares of Avidity Biosciences stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total value of $858,480.00. Following the completion of the transaction, the insider now owns 85,389 shares in the company, valued at $3,054,364.53. The trade was a 21.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 129,138 shares of company stock worth $4,229,012. 3.68% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. National Bank of Canada FI acquired a new stake in Avidity Biosciences during the 3rd quarter worth about $27,000. TD Waterhouse Canada Inc. boosted its holdings in shares of Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 866 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in Avidity Biosciences during the third quarter valued at approximately $30,000. Values First Advisors Inc. acquired a new position in Avidity Biosciences in the 3rd quarter valued at approximately $32,000. Finally, Van ECK Associates Corp purchased a new stake in Avidity Biosciences in the 4th quarter worth approximately $38,000.

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.