Avidity Biosciences, Inc. (NASDAQ:RNA) Receives $65.80 Consensus Price Target from Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) has been assigned a consensus rating of "Buy" from the ten ratings firms that are covering the firm, MarketBeat.com reports. Ten equities research analysts have rated the stock with a buy rating. The average 12-month 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 stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Chardan Capital reaffirmed a "buy" rating and issued a $65.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. HC Wainwright restated a "buy" rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Friday, January 10th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th.

Avidity Biosciences Trading Down 4.3 %

NASDAQ:RNA traded down $1.41 during mid-day trading on Friday, reaching $31.12. The company's stock had a trading volume of 1,425,800 shares, compared to its average volume of 1,332,650. The stock has a market cap of $3.71 billion, a P/E ratio of -10.81 and a beta of 1.00. The firm's fifty day moving average price is $31.25 and its two-hundred day moving average price is $39.45. Avidity Biosciences has a 12-month low of $13.73 and a 12-month high of $56.00.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $33.26, for a total transaction of $831,500.00. Following the completion of the transaction, the insider now directly owns 94,018 shares of the company's stock, valued at approximately $3,127,038.68. This trade represents a 21.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider W. Michael Flanagan sold 24,000 shares of the firm's stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total value of $858,480.00. Following the completion of the sale, the insider now directly owns 85,389 shares in the company, valued at approximately $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. Over the last ninety days, insiders sold 129,138 shares of company stock valued at $4,229,012. 3.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the business. GF Fund Management CO. LTD. purchased a new position in Avidity Biosciences during the fourth quarter worth about $73,000. Neo Ivy Capital Management lifted its stake in Avidity Biosciences by 479.2% during the 4th quarter. Neo Ivy Capital Management now owns 96,120 shares of the biotechnology company's stock worth $2,795,000 after acquiring an additional 79,524 shares in the last quarter. Castleark Management LLC grew its holdings in shares of Avidity Biosciences by 23.7% in the fourth quarter. Castleark Management LLC now owns 70,620 shares of the biotechnology company's stock valued at $2,054,000 after purchasing an additional 13,510 shares in the last quarter. Voloridge Investment Management LLC grew its stake in shares of Avidity Biosciences by 235.7% in the fourth quarter. Voloridge Investment Management LLC now owns 191,550 shares of the biotechnology company's stock worth $5,570,000 after acquiring an additional 134,489 shares in the last quarter. Finally, Waverly Advisors LLC purchased a new stake in shares of Avidity Biosciences during the fourth quarter worth $259,000.

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.