Citigroup Increases Avidity Biosciences (NASDAQ:RNA) Price Target to $75.00

Avidity Biosciences (NASDAQ:RNA) had its price objective boosted by analysts at Citigroup from $70.00 to $75.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Citigroup’s price target points to a potential upside of 129.64% from the company’s previous close.

A number of other brokerages have also recently weighed in on RNA. HC Wainwright reduced their price objective 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 upped their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Tuesday. BMO Capital Markets began coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective on the stock. Bank of America upped their target price on shares of Avidity Biosciences from $48.00 to $54.00 and gave the company a “buy” rating in a report on Monday. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, April 9th. Fourteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $67.50.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA opened at $32.66 on Tuesday. Avidity Biosciences has a 12 month low of $21.51 and a 12 month high of $56.00. The firm has a market capitalization of $3.94 billion, a P/E ratio of -11.34 and a beta of 0.95. The company’s fifty day moving average price is $29.49 and its 200 day moving average price is $31.33.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $2.63 million. On average, sell-side analysts anticipate that Avidity Biosciences will post -2.89 EPS for the current year.

Insider Buying and Selling at Avidity Biosciences

In other news, CEO Sarah Boyce sold 31,540 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $979,632.40. Following the sale, the chief executive officer now owns 305,871 shares of the company’s stock, valued at $9,500,353.26. The trade was a 9.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $32.48, for a total value of $190,820.00. Following the completion of the sale, the insider now owns 50,554 shares in the company, valued at approximately $1,641,993.92. This represents a 10.41% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,678 shares of company stock valued at $2,068,257. 3.83% of the stock is owned by company insiders.

Institutional Trading of Avidity Biosciences

Several large investors have recently bought and sold shares of the company. Rhumbline Advisers boosted its position in shares of Avidity Biosciences by 7.1% in the 1st quarter. Rhumbline Advisers now owns 164,776 shares of the biotechnology company’s stock worth $4,864,000 after buying an additional 10,973 shares in the last quarter. Strs Ohio acquired a new stake in shares of Avidity Biosciences in the first quarter valued at approximately $180,000. Intech Investment Management LLC increased its stake in shares of Avidity Biosciences by 1.4% during the 1st quarter. Intech Investment Management LLC now owns 61,675 shares of the biotechnology company’s stock worth $1,821,000 after purchasing an additional 874 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Avidity Biosciences by 7.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company’s stock worth $10,560,000 after purchasing an additional 25,329 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Avidity Biosciences by 2.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company’s stock valued at $23,164,000 after buying an additional 21,649 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.