Avidity Biosciences (NASDAQ:RNA) Coverage Initiated by Analysts at Citigroup

Investment analysts at Citigroup assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note issued to investors on Thursday,Briefing.com Automated Import 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 114.66% from the company’s current price.

Other research analysts also recently issued reports about the company. HC Wainwright reaffirmed a “buy” rating and set a $72.00 target price on shares of Avidity Biosciences in a research note on Friday, January 10th. Royal Bank of Canada restated an “outperform” rating and set a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. Barclays decreased their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. Chardan Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Friday, February 28th. Finally, Bank of America decreased their target price on Avidity Biosciences from $51.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Stock Performance

RNA opened at $32.61 on Thursday. The company has a fifty day moving average of $30.96 and a two-hundred day moving average of $38.04. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of -11.32 and a beta of 1.02. Avidity Biosciences has a fifty-two week low of $21.56 and a fifty-two week high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04). The business had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, equities research analysts forecast that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider W. Michael Flanagan sold 12,742 shares of Avidity Biosciences stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the transaction, the insider now owns 72,647 shares in the company, valued at $2,372,651.02. The trade was a 14.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $33.26, for a total transaction of $831,500.00. Following the transaction, the insider now directly owns 94,018 shares in the company, valued at approximately $3,127,038.68. The trade was a 21.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 105,138 shares of company stock valued at $3,370,532. Insiders own 3.68% of the company’s stock.

Institutional Trading of Avidity Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the company. National Bank of Canada FI purchased a new position in Avidity Biosciences in the third quarter worth approximately $27,000. TD Waterhouse Canada Inc. lifted its stake in shares of Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 866 shares during the last quarter. Van ECK Associates Corp purchased a new position in shares of Avidity Biosciences during the 4th quarter worth $38,000. Headlands Technologies LLC acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth about $60,000. Finally, GF Fund Management CO. LTD. purchased a new stake in Avidity Biosciences in the 4th quarter valued at about $73,000.

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.