Citigroup Issues Positive Forecast for Avidity Biosciences (NASDAQ:RNA) Stock Price

Avidity Biosciences (NASDAQ:RNA - Get Free Report) had its target price upped by Citigroup from $70.00 to $75.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the biotechnology company's stock. Citigroup's target price would indicate a potential upside of 134.30% from the company's current price.

Other analysts also recently issued reports about the stock. Bank of America upped their price objective on shares of Avidity Biosciences from $48.00 to $54.00 and gave the stock a "buy" rating in a report on Monday. Barclays upped their price objective on shares of Avidity Biosciences from $57.00 to $59.00 and gave the stock an "overweight" rating in a report on Tuesday. Chardan Capital upped their price objective on shares of Avidity Biosciences from $65.00 to $75.00 and gave the stock a "buy" rating in a report on Monday. HC Wainwright decreased their price objective on shares of Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, Scotiabank began coverage on shares of Avidity Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $70.00 price objective for the company. Fourteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $67.33.

Avidity Biosciences Stock Down 4.8%

Shares of RNA traded down $1.61 during mid-day trading on Tuesday, hitting $32.01. 1,561,734 shares of the company's stock were exchanged, compared to its average volume of 1,465,582. The firm has a fifty day moving average of $29.71 and a two-hundred day moving average of $31.35. Avidity Biosciences has a twelve month low of $21.51 and a twelve month high of $56.00. The stock has a market cap of $3.86 billion, a price-to-earnings ratio of -11.11 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly 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). Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The business had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. On average, equities analysts predict that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Transactions at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $32.48, for a total transaction of $190,820.00. Following the completion of the transaction, the insider now directly owns 50,554 shares of the company's stock, valued at approximately $1,641,993.92. This trade represents a 10.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven George Hughes sold 9,578 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the transaction, the insider now directly owns 72,850 shares of the company's stock, valued at $2,262,721. The trade was a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 66,678 shares of company stock valued at $2,068,257. Company insiders own 3.83% of the company's stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in RNA. Janus Henderson Group PLC increased its position in shares of Avidity Biosciences by 44.1% during the 4th quarter. Janus Henderson Group PLC now owns 7,053,010 shares of the biotechnology company's stock worth $205,134,000 after purchasing an additional 2,156,844 shares in the last quarter. Boxer Capital Management LLC acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth about $50,232,000. Wellington Management Group LLP increased its position in shares of Avidity Biosciences by 19.5% during the 1st quarter. Wellington Management Group LLP now owns 9,684,556 shares of the biotechnology company's stock worth $285,888,000 after purchasing an additional 1,578,459 shares in the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Avidity Biosciences during the 1st quarter worth about $22,765,000. Finally, Norges Bank acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth about $21,077,000.

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.