Avidity Biosciences (NASDAQ:RNA) Research Coverage Started at Citigroup

Citigroup assumed coverage on shares of Avidity Biosciences (NASDAQ:RNA) in a report released on Thursday, Marketbeat Ratings reports. The firm issued a buy rating and a $70.00 price objective on the biotechnology company’s stock.

A number of other analysts have also recently commented on RNA. Scotiabank began coverage on Avidity Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $70.00 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 research report on Friday, February 28th. Royal Bank of Canada reiterated an “outperform” rating and set a $67.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, January 21st. BMO Capital Markets started coverage on Avidity Biosciences in a research report on Wednesday. They set an “outperform” rating and a $72.00 price objective for the company. Finally, HC Wainwright reissued a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a report on Friday, January 10th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $66.69.

Avidity Biosciences Price Performance

RNA stock opened at $31.11 on Thursday. Avidity Biosciences has a 1-year low of $21.56 and a 1-year high of $56.00. The business has a fifty day moving average price of $30.99 and a 200-day moving average price of $37.87. The stock has a market capitalization 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 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). 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 $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. As a group, analysts anticipate that Avidity Biosciences will post -2.89 earnings per share for the current year.

Insider Transactions at Avidity Biosciences

In related news, CEO Sarah Boyce sold 31,855 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $1,040,384.30. Following the sale, the chief executive officer now directly owns 265,308 shares in the company, valued at approximately $8,664,959.28. The trade was a 10.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider W. Michael Flanagan sold 12,742 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total value of $416,153.72. Following the completion of the sale, the insider now owns 72,647 shares in the company, valued at $2,372,651.02. This represents a 14.92 % 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 over the last 90 days. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds have recently made changes to their positions in the company. FMR LLC raised its position in Avidity Biosciences by 4.3% during the third quarter. FMR LLC now owns 16,848,776 shares of the biotechnology company’s stock valued at $773,864,000 after purchasing an additional 689,729 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Avidity Biosciences by 3.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,042,823 shares of the biotechnology company’s stock worth $321,127,000 after buying an additional 408,861 shares during the period. Vanguard Group Inc. raised its holdings in shares of Avidity Biosciences by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 9,431,911 shares of the biotechnology company’s stock worth $274,280,000 after buying an additional 205,027 shares during the period. Wellington Management Group LLP raised its holdings in shares of Avidity Biosciences by 15.3% in the fourth quarter. Wellington Management Group LLP now owns 8,106,097 shares of the biotechnology company’s stock worth $235,725,000 after buying an additional 1,075,148 shares during the period. Finally, Avoro Capital Advisors LLC raised its holdings in shares of Avidity Biosciences by 9.1% in the fourth quarter. Avoro Capital Advisors LLC now owns 7,500,000 shares of the biotechnology company’s stock worth $218,100,000 after buying an additional 625,000 shares during the period.

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.