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

Citigroup began coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a research note published on Thursday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $70.00 price target on the biotechnology company’s stock.

Several other analysts have also commented on RNA. BMO Capital Markets started coverage on Avidity Biosciences in a report on Wednesday. They set an “outperform” rating and a $72.00 price objective for the company. Chardan Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Friday, February 28th. HC Wainwright reiterated a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a report on Friday, January 10th. Barclays decreased their price objective on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, Scotiabank started coverage on Avidity Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 price objective for the company. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Stock Down 3.2 %

Shares of NASDAQ:RNA opened at $31.11 on Thursday. Avidity Biosciences has a 52-week low of $21.56 and a 52-week high of $56.00. The stock has a market cap of $3.74 billion, a P/E ratio of -10.80 and a beta of 1.02. The business’s 50 day moving average is $30.99 and its 200 day moving average is $37.87.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 2,772.45% and a negative return on equity of 27.66%. On average, sell-side analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insider Activity

In related news, CEO Sarah Boyce sold 10,397 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 $297,250.23. Following the sale, the chief executive officer now directly owns 337,411 shares in the company, valued at approximately $9,646,580.49. The trade was a 2.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $32.16, for a total value of $188,940.00. Following the completion of the sale, the insider now owns 50,554 shares in the company, valued at approximately $1,625,816.64. The trade was a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,138 shares of company stock worth $3,370,532 in the last ninety days. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors have recently bought and sold shares of RNA. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Avidity Biosciences during the 4th quarter worth approximately $4,722,000. GF Fund Management CO. LTD. acquired a new position in shares of Avidity Biosciences during the 4th quarter worth approximately $73,000. Neo Ivy Capital Management boosted its holdings in shares of 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 purchasing an additional 79,524 shares during the last quarter. Castleark Management LLC boosted its holdings in shares of Avidity Biosciences by 23.7% during the 4th quarter. Castleark Management LLC now owns 70,620 shares of the biotechnology company’s stock worth $2,054,000 after purchasing an additional 13,510 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its holdings in shares of Avidity Biosciences by 235.7% during the 4th quarter. Voloridge Investment Management LLC now owns 191,550 shares of the biotechnology company’s stock worth $5,570,000 after purchasing an additional 134,489 shares during the last quarter.

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.