Citigroup Initiates Coverage of Avidity Biosciences (RNA) with Buy Recommendation

Fintel reports that on March 13, 2025, Citigroup initiated coverage of Avidity Biosciences (NasdaqGM:RNA) with a Buy recommendation.

Analyst Price Forecast Suggests 113.85% Upside

As of March 5, 2025, the average one-year price target for Avidity Biosciences is $68.71/share. The forecasts range from a low of $51.51 to a high of $100.80. The average price target represents an increase of 113.85% from its latest reported closing price of $32.13 / share.

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The projected annual revenue for Avidity Biosciences is 8MM, a decrease of 22.76%. The projected annual non-GAAP EPS is -3.53.

What is the Fund Sentiment?

There are 539 funds or institutions reporting positions in Avidity Biosciences. This is an decrease of 6 owner(s) or 1.10% in the last quarter. Average portfolio weight of all funds dedicated to RNA is 0.22%, an increase of 27.37%. Total shares owned by institutions increased in the last three months by 1.87% to 142,783K shares. The put/call ratio of RNA is 1.09, indicating a bearish outlook.

What are Other Shareholders Doing?

Price T Rowe Associates holds 11,043K shares representing 9.19% ownership of the company. In its prior filing, the firm reported owning 10,634K shares , representing an increase of 3.70%. The firm decreased its portfolio allocation in RNA by 34.17% over the last quarter.

Wellington Management Group Llp holds 8,106K shares representing 6.74% ownership of the company. In its prior filing, the firm reported owning 7,031K shares , representing an increase of 13.26%. The firm decreased its portfolio allocation in RNA by 89.32% over the last quarter.

Rtw Investments holds 7,933K shares representing 6.60% ownership of the company. In its prior filing, the firm reported owning 8,133K shares , representing a decrease of 2.52%. The firm decreased its portfolio allocation in RNA by 35.46% over the last quarter.

Avoro Capital Advisors holds 7,500K shares representing 6.24% ownership of the company. In its prior filing, the firm reported owning 6,875K shares , representing an increase of 8.33%. The firm decreased its portfolio allocation in RNA by 33.00% over the last quarter.

Janus Henderson Group holds 7,053K shares representing 5.87% ownership of the company. In its prior filing, the firm reported owning 4,896K shares , representing an increase of 30.58%. The firm decreased its portfolio allocation in RNA by 9.37% over the last quarter.

Avidity Biosciences Background Information
(This description is provided by the company.)

Avidity Biosciences, Inc. is driven to change lives with a new class of therapies called Antibody Oligonucleotide Conjugates (AOCs) that are designed to overcome current limitations of oligonucleotide therapies in order to treat a wide range of serious diseases. Avidity's proprietary AOC platform combines the tissue selectivity of monoclonal antibodies and the precision of oligonucleotide therapies to access previously undruggable tissue and cell types and more effectively target underlying genetic drivers of diseases. Avidity's lead product candidate, AOC 1001, is designed to treat myotonic dystrophy type 1, and its other muscle programs are focused on the treatment of Duchenne muscular dystrophy, facioscapulohumeral muscular dystrophy, Pompe disease and muscle atrophy. In addition to its muscle franchise, Avidity has research efforts focused on immune, cardiac and other cell types.

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This story originally appeared on Fintel.

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