Avidity Biosciences (NASDAQ:RNA) Now Covered by Analysts at Citigroup

Investment analysts at Citigroup began coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $70.00 price target on the biotechnology company’s stock. Citigroup’s price target suggests a potential upside of 125.01% from the company’s current price.

A number of other equities analysts also recently issued reports on RNA. HC Wainwright reiterated a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a research note on Friday, January 10th. Barclays cut their target price on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. BMO Capital Markets began coverage on Avidity Biosciences in a research note on Wednesday. They issued an “outperform” rating and a $72.00 target price on the stock. Needham & Company LLC restated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Finally, Chardan Capital restated a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research note on Friday, February 28th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $66.69.

Avidity Biosciences Stock Performance

RNA stock opened at $31.11 on Thursday. The company has a market capitalization of $3.74 billion, a P/E ratio of -10.80 and a beta of 1.02. Avidity Biosciences has a 52-week low of $21.56 and a 52-week high of $56.00. The business has a 50-day simple moving average of $30.99 and a two-hundred day simple moving average of $37.91.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The company had revenue of $2.97 million for the quarter, compared to analyst estimates of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. As a group, sell-side analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current fiscal year.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, CFO Michael F. Maclean sold 3,287 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total transaction of $93,975.33. Following the sale, the chief financial officer now owns 104,655 shares of the company’s stock, valued at $2,992,086.45. The trade was a 3.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider W. Michael Flanagan sold 12,742 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $416,153.72. Following the sale, the insider now directly owns 72,647 shares in the company, valued at $2,372,651.02. The trade was a 14.92 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 105,138 shares of company stock worth $3,370,532. Insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of RNA. Assetmark Inc. bought a new stake in Avidity Biosciences during the 3rd quarter valued at $566,000. Axxcess Wealth Management LLC bought a new stake in Avidity Biosciences during the 3rd quarter valued at $283,000. State of New Jersey Common Pension Fund D bought a new position in shares of Avidity Biosciences in the third quarter worth $2,062,000. Los Angeles Capital Management LLC bought a new position in shares of Avidity Biosciences in the third quarter worth $660,000. Finally, Victory Capital Management Inc. increased its holdings in shares of Avidity Biosciences by 52.1% in the third quarter. Victory Capital Management Inc. now owns 33,184 shares of the biotechnology company’s stock worth $1,524,000 after purchasing an additional 11,367 shares during the period.

Avidity Biosciences Company Profile

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.