Avidity Biosciences, Inc. (NASDAQ:RNA) Given Average Rating of “Buy” by Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has earned a consensus recommendation of “Buy” from the ten research firms that are currently covering the firm, Marketbeat reports. Ten analysts have rated the stock with a buy rating. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $65.80.

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

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, Director Arthur A. Levin sold 1,872 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total value of $53,539.20. Following the transaction, the director now owns 12,958 shares of the company’s stock, valued at approximately $370,598.80. The trade was a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael F. Maclean sold 3,287 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total value of $93,975.33. Following the completion of the transaction, the chief financial officer now directly owns 104,655 shares in the company, valued at approximately $2,992,086.45. This represents a 3.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 129,138 shares of company stock valued at $4,229,012 over the last 90 days. Insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RNA. Wellington Management Group LLP boosted its position in Avidity Biosciences by 84.9% in the third quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company’s stock worth $322,931,000 after purchasing an additional 3,228,923 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Avidity Biosciences by 44.1% during the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company’s stock valued at $205,134,000 after buying an additional 2,156,844 shares during the last quarter. Boxer Capital Management LLC purchased a new position in shares of Avidity Biosciences during the 4th quarter valued at $50,232,000. State Street Corp lifted its position in shares of Avidity Biosciences by 41.7% during the 3rd quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company’s stock valued at $216,151,000 after buying an additional 1,386,087 shares during the last quarter. Finally, RA Capital Management L.P. lifted its position in shares of Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock valued at $289,378,000 after buying an additional 900,000 shares during the last quarter.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $32.53 on Friday. The company has a market cap of $3.88 billion, a P/E ratio of -11.30 and a beta of 1.00. Avidity Biosciences has a fifty-two week low of $13.68 and a fifty-two week high of $56.00. The stock has a 50 day simple moving average of $31.25 and a two-hundred day simple moving average of $39.45.

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.