Avidity Biosciences (NASDAQ:RNA) Issues Earnings Results, Misses Expectations By $0.04 EPS

Avidity Biosciences (NASDAQ:RNA) released its quarterly earnings data on Thursday. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04), Zacks reports. The company had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%.

Avidity Biosciences Stock Up 5.4 %

NASDAQ:RNA opened at $30.64 on Friday. The firm has a 50 day moving average of $31.01 and a 200 day moving average of $38.89. Avidity Biosciences has a 52 week low of $16.30 and a 52 week high of $56.00. The stock has a market capitalization of $3.66 billion, a price-to-earnings ratio of -10.64 and a beta of 1.00.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RNA shares. Barclays lowered their price target on Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Friday. Chardan Capital reaffirmed a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Friday. HC Wainwright reissued a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Friday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $65.20.

Insider Transactions at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 24,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total value of $858,480.00. Following the completion of the transaction, the insider now directly owns 85,389 shares of the company’s stock, valued at $3,054,364.53. This trade represents a 21.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $33.26, for a total transaction of $831,500.00. Following the sale, the insider now directly owns 94,018 shares in the company, valued at approximately $3,127,038.68. This represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,138 shares of company stock valued at $4,229,012. Corporate insiders own 3.68% of the company’s stock.

About Avidity Biosciences

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.