Avidity Biosciences (NASDAQ:RNA) Announces Earnings Results

Avidity Biosciences (NASDAQ:RNA) released its quarterly earnings data on Thursday. The biotechnology company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.04), Zacks reports. The business 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 Price Performance

Shares of NASDAQ:RNA opened at $30.64 on Friday. The business’s 50 day moving average price is $31.01 and its 200-day moving average price is $38.89. Avidity Biosciences has a 1 year low of $16.30 and a 1 year high of $56.00. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of -10.64 and a beta of 1.00.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Avidity Biosciences news, Director Arthur A. Levin sold 1,872 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.60, for a total transaction of $53,539.20. Following the completion of the sale, the director now directly owns 12,958 shares in the company, valued at approximately $370,598.80. The trade was a 12.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael F. Maclean sold 3,287 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $28.59, for a total value of $93,975.33. Following the transaction, the chief financial officer now directly owns 104,655 shares of the company’s stock, valued at $2,992,086.45. The trade was a 3.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 129,138 shares of company stock valued at $4,229,012. 3.68% of the stock is owned by corporate insiders.

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.