Citigroup Initiates Coverage on Avidity Biosciences (NASDAQ:RNA)

Equities research analysts at Citigroup initiated coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research report issued to clients and investors on Thursday, Marketbeat reports. The firm set a “buy” rating and a $70.00 price target on the biotechnology company’s stock. Citigroup’s price target would suggest a potential upside of 125.01% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Friday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. BMO Capital Markets initiated coverage on Avidity Biosciences in a report on Wednesday. They issued an “outperform” rating and a $72.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, Barclays cut their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $66.69.

Avidity Biosciences Trading Down 3.2 %

Shares of NASDAQ RNA opened at $31.11 on Thursday. The business’s 50 day moving average is $30.99 and its 200-day moving average is $37.91. Avidity Biosciences has a 1-year low of $21.56 and a 1-year high of $56.00. The firm has a market cap of $3.74 billion, a P/E ratio of -10.80 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.80) 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 the consensus estimate of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. Analysts forecast that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Buying and Selling

In other news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $33.26, for a total value 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 legal filing with the SEC, which is accessible through this link. Also, CFO Michael F. Maclean sold 3,287 shares of Avidity Biosciences stock in a transaction dated 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 of the company’s stock, valued at approximately $2,992,086.45. This trade represents a 3.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,138 shares of company stock valued at $3,370,532 in the last three months. Insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. PEAK6 Investments LLC increased its position in Avidity Biosciences by 4.9% in the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after buying an additional 343 shares in the last quarter. Aaron Wealth Advisors LLC increased its position in Avidity Biosciences by 6.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock valued at $236,000 after buying an additional 504 shares in the last quarter. Quantinno Capital Management LP increased its position in Avidity Biosciences by 8.0% in the 4th quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock valued at $204,000 after buying an additional 518 shares in the last quarter. National Bank of Canada FI bought a new stake in Avidity Biosciences in the 3rd quarter valued at about $27,000. Finally, New York State Common Retirement Fund increased its position in Avidity Biosciences by 0.3% in the 4th quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock valued at $5,374,000 after buying an additional 598 shares in the last quarter.

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.