Avidity Biosciences (NASDAQ:RNA) has experienced a significant shift in its stock outlook as HC Wainwright downgraded its rating from “buy” to “neutral” in a report released on October 8, 2023. The brokerage firm has adjusted its price objective for the biotechnology company’s shares to $72.00, down from an earlier target of $87.00.
This downgrade comes amid a series of mixed evaluations from various research analysts. Weiss Ratings recently reiterated a “sell (d-)” rating, while Evercore ISI lowered its target price for Avidity from $70.00 to $65.00 while maintaining an “outperform” rating. Roth Capital has similarly downgraded its assessment from “strong-buy” to “hold,” setting a price target of $72.00. Needham & Company LLC also shifted its stance from a “buy” to a “hold” rating, with a price objective of $65.00.
In contrast, Bank of America raised its price target on Avidity shares from $56.00 to $65.00 and maintained a “buy” rating. Currently, ten analysts have assigned a “buy” rating, while twelve have given a “hold” rating, and one has issued a “sell” rating. The consensus rating for Avidity Biosciences stands at “hold,” with a consensus price target of $69.24, according to data from MarketBeat.
Avidity Biosciences has seen its stock price fluctuate, with shares trading down 0.4% following the downgrade. Insider activity has also been notable, particularly involving CEO Sarah Boyce, who sold 50,000 shares on September 5, 2023, at an average price of $49.95. The total transaction amounted to $2,497,500.00. Post-sale, Boyce retained 305,871 shares, valued at approximately $15,278,256.45, reflecting a 14.05% reduction in her ownership.
Another insider, Steven George Hughes, sold 2,209 shares on October 22, 2023, at an average price of $47.54, resulting in a transaction worth $105,015.86. Following this sale, Hughes directly owned 38,867 shares, valued around $1,847,737.18, which represents a 5.38% decrease in his position. Over the past quarter, insiders have sold a total of 571,478 shares valued at approximately $26,310,254, with insiders currently owning 3.83% of the stock.
Several institutional investors have recently adjusted their stakes in Avidity Biosciences. CWM LLC significantly increased its holdings by 1,635.1% during the third quarter, now owning 642 shares valued at $28,000 after acquiring an additional 605 shares. Westside Investment Management Inc. purchased a new stake valued at $29,000 in the second quarter, while PNC Financial Services Group Inc. raised its position by 291.5% to own 1,476 shares worth $42,000 after buying an additional 1,099 shares.
Osaic Holdings Inc. also increased its position by 1,659.1% during the same period, now owning 1,636 shares valued at $48,000. Elevation Point Wealth Partners LLC entered a new position worth $49,000 during the second quarter.
Avidity Biosciences is a biopharmaceutical company focused on delivering RNA therapeutics. Its lead product candidate, AOC 1001, aims to treat myotonic dystrophy type 1, a rare genetic muscle disease, and is currently in phase 1/2 clinical trials.
