Citigroup Inc. Purchases 46,684 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

Citigroup Inc. boosted its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA – Get Rating) by 68.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 114,845 shares of the biotechnology company’s stock after purchasing an additional 46,684 shares during the period. Citigroup Inc. owned about 0.21% of Avidity Biosciences worth $2,548,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in RNA. RTW Investments LP raised its stake in shares of Avidity Biosciences by 7.8% in the third quarter. RTW Investments LP now owns 5,170,784 shares of the biotechnology company’s stock worth $84,439,000 after acquiring an additional 375,784 shares during the last quarter. BlackRock Inc. raised its stake in shares of Avidity Biosciences by 4.8% in the third quarter. BlackRock Inc. now owns 4,121,637 shares of the biotechnology company’s stock worth $67,307,000 after acquiring an additional 189,975 shares during the last quarter. EcoR1 Capital LLC raised its stake in shares of Avidity Biosciences by 5.1% in the third quarter. EcoR1 Capital LLC now owns 2,899,285 shares of the biotechnology company’s stock worth $47,345,000 after acquiring an additional 139,780 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Avidity Biosciences by 11.4% in the third quarter. Vanguard Group Inc. now owns 2,698,376 shares of the biotechnology company’s stock worth $44,064,000 after acquiring an additional 276,254 shares during the last quarter. Finally, State Street Corp grew its position in shares of Avidity Biosciences by 11.9% during the 2nd quarter. State Street Corp now owns 1,837,675 shares of the biotechnology company’s stock worth $26,701,000 after buying an additional 195,808 shares during the period.

Avidity Biosciences Stock Down 3.1 %

Shares of NASDAQ:RNA opened at $11.70 on Wednesday. Avidity Biosciences, Inc. has a 52 week low of $9.83 and a 52 week high of $25.74. The company has a 50 day moving average price of $14.96 and a two-hundred day moving average price of $17.74.

Avidity Biosciences (NASDAQ:RNA – Get Rating) last issued its earnings results on Tuesday, February 28th. The biotechnology company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.04). Avidity Biosciences had a negative net margin of 1,988.76% and a negative return on equity of 40.70%. The firm had revenue of $2.77 million during the quarter, compared to the consensus estimate of $2.39 million. As a group, equities research analysts anticipate that Avidity Biosciences, Inc. will post -3.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Evercore ISI raised shares of Avidity Biosciences from an “in-line” rating to an “outperform” rating and set a $20.00 price target for the company in a research note on Monday. Wells Fargo & Company dropped their price target on shares of Avidity Biosciences from $55.00 to $50.00 in a research note on Thursday, May 11th. Credit Suisse Group dropped their price target on shares of Avidity Biosciences from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Friday, March 31st. Needham & Company LLC reissued a “buy” rating and set a $35.00 price target on shares of Avidity Biosciences in a research note on Wednesday, March 1st. Finally, Chardan Capital reissued a “buy” rating and set a $27.00 price target on shares of Avidity Biosciences in a research note on Friday, March 31st. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $38.83.

Avidity Biosciences Profile

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Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; AOC 1044 for the treatment of Duchenne Muscular Dystrophy; and AOC 1020 designed to treat facioscapulohumeral muscular dystrophy which are in preclinical stage.