Cantor Fitzgerald Issues Negative Estimate for RNA Earnings

Avidity Biosciences, Inc. (NASDAQ:RNA) – Investment analysts at Cantor Fitzgerald reduced their FY2024 earnings estimates for Avidity Biosciences in a research report issued to clients and investors on Wednesday, November 13th. Cantor Fitzgerald analyst E. Schmidt now expects that the biotechnology company will post earnings per share of ($2.85) for the year, down from their prior estimate of ($2.53). Cantor Fitzgerald currently has a “Overweight” rating and a $96.00 price target on the stock. The consensus estimate for Avidity Biosciences’ current full-year earnings is ($2.90) per share.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping the consensus estimate of ($0.79) by $0.14. The business had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%.

Several other research analysts also recently commented on the company. The Goldman Sachs Group began coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective on the stock. TD Cowen lifted their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. Chardan Capital reiterated a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Barclays began coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price on the stock. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences has a consensus rating of “Buy” and an average price target of $63.22.

Avidity Biosciences Stock Performance

NASDAQ RNA opened at $41.35 on Monday. The business’s fifty day moving average is $45.27 and its 200 day moving average is $40.53. Avidity Biosciences has a fifty-two week low of $5.68 and a fifty-two week high of $56.00. The company has a market capitalization of $4.93 billion, a PE ratio of -14.36 and a beta of 0.91.

Insider Activity

In related news, CEO Sarah Boyce sold 32,880 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $1,446,720.00. Following the sale, the chief executive officer now owns 234,663 shares of the company’s stock, valued at $10,325,172. This represents a 12.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Tamar Thompson sold 30,000 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $44.98, for a total transaction of $1,349,400.00. The disclosure for this sale can be found here. Insiders sold a total of 122,543 shares of company stock worth $5,556,092 over the last 90 days. Corporate insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI bought a new position in Avidity Biosciences during the 3rd quarter valued at about $27,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Avidity Biosciences during the third quarter valued at approximately $30,000. Values First Advisors Inc. bought a new position in shares of Avidity Biosciences during the third quarter valued at approximately $32,000. Quarry LP raised its holdings in shares of Avidity Biosciences by 566.7% in the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after buying an additional 1,700 shares during the period. Finally, Quest Partners LLC lifted its stake in shares of Avidity Biosciences by 217.8% during the 3rd quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock worth $93,000 after acquiring an additional 1,392 shares during 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.