Avidity Biosciences (NASDAQ:RNA) Given New $75.00 Price Target at Citigroup

Avidity Biosciences (NASDAQ:RNA - Get Free Report) had its price target hoisted by Citigroup from $70.00 to $75.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the biotechnology company's stock. Citigroup's price target points to a potential upside of 139.08% from the stock's current price.

A number of other analysts have also recently commented on RNA. JPMorgan Chase & Co. upped their price objective on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Tuesday. HC Wainwright decreased their target price on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Barclays raised their price target on Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a research report on Tuesday. Scotiabank initiated coverage on Avidity Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price objective for the company. Finally, Needham & Company LLC reissued a "buy" rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Fourteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $67.33.

Avidity Biosciences Trading Down 2.4%

Shares of NASDAQ:RNA traded down $0.77 during mid-day trading on Tuesday, reaching $31.37. The stock had a trading volume of 963,594 shares, compared to its average volume of 1,425,516. The firm has a 50 day simple moving average of $29.99 and a two-hundred day simple moving average of $31.17. Avidity Biosciences has a twelve month low of $21.51 and a twelve month high of $56.00. The firm has a market cap of $3.78 billion, a PE ratio of -10.89 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The firm had revenue of $1.60 million during the quarter, compared to the consensus estimate of $2.63 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. On average, equities analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider W. Michael Flanagan sold 20,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total value of $657,600.00. Following the completion of the transaction, the insider now owns 80,195 shares in the company, valued at $2,636,811.60. This trade represents a 19.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $31.06, for a total value of $297,492.68. Following the completion of the sale, the insider now directly owns 72,850 shares in the company, valued at approximately $2,262,721. This represents a 11.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,678 shares of company stock valued at $2,725,857 in the last quarter. 3.83% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in RNA. TD Waterhouse Canada Inc. grew its stake in shares of Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after buying an additional 866 shares in the last quarter. Van ECK Associates Corp bought a new stake in Avidity Biosciences during the fourth quarter worth $38,000. Parallel Advisors LLC lifted its stake in Avidity Biosciences by 43.3% in the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after acquiring an additional 515 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Avidity Biosciences in the 4th quarter valued at about $60,000. Finally, GF Fund Management CO. LTD. bought a new position in shares of Avidity Biosciences in the 4th quarter valued at about $73,000.

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.