Avidity Biosciences (NASDAQ:RNA) Issues Quarterly Earnings Results

Avidity Biosciences (NASDAQ:RNA) released its earnings results on Monday. The biotechnology company reported ($1.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35), Zacks reports. The company had revenue of $0.86 million for the quarter, compared to the consensus estimate of $1.98 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%.

Avidity Biosciences Trading Down 0.0%

RNA traded down $0.01 during trading on Wednesday, reaching $72.75. 1,908,462 shares of the company’s stock were exchanged, compared to its average volume of 2,410,170. Avidity Biosciences has a one year low of $21.51 and a one year high of $73.06. The firm has a fifty day moving average price of $72.52 and a two-hundred day moving average price of $61.75. The stock has a market capitalization of $11.26 billion, a PE ratio of -17.40 and a beta of 0.93.

Analysts Set New Price Targets

RNA has been the topic of several recent analyst reports. Royal Bank Of Canada reissued a “sector perform” rating and issued a $72.00 target price (up from $61.00) on shares of Avidity Biosciences in a report on Tuesday, October 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Wolfe Research cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 28th. Chardan Capital restated a “neutral” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Finally, TD Cowen restated a “hold” rating on shares of Avidity Biosciences in a research note on Wednesday, November 12th. Eight equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $69.57.

Insider Activity at Avidity Biosciences

In related news, insider Charles Calderaro III sold 3,727 shares of the business’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $72.23, for a total value of $269,201.21. Following the sale, the insider owned 49,797 shares of the company’s stock, valued at $3,596,837.31. The trade was a 6.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Steven George Hughes sold 4,895 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $354,642.75. Following the transaction, the insider directly owned 31,599 shares of the company’s stock, valued at approximately $2,289,347.55. This represents a 13.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 58,407 shares of company stock valued at $4,226,448 in the last quarter. Insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds have recently added to or reduced their stakes in the business. EFG International AG bought a new position in shares of Avidity Biosciences during the 4th quarter worth approximately $33,000. Los Angeles Capital Management LLC acquired a new position in shares of Avidity Biosciences during the 4th quarter valued at $34,000. Smartleaf Asset Management LLC boosted its stake in Avidity Biosciences by 426.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after acquiring an additional 397 shares in the last quarter. Osaic Holdings Inc. grew its holdings in Avidity Biosciences by 1,659.1% in the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,543 shares during the period. Finally, Comerica Bank grew its holdings in Avidity Biosciences by 75.9% in the third quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock worth $58,000 after purchasing an additional 576 shares during the period.

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.