Avidity Biosciences (NASDAQ:RNA) Releases Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Avidity Biosciences (NASDAQ:RNA) announced its quarterly earnings results on Thursday. The biotechnology company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.04), Zacks reports. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%.

Avidity Biosciences Stock Performance

RNA opened at $29.08 on Friday. The stock has a market capitalization of $3.47 billion, a PE ratio of -10.10 and a beta of 1.00. Avidity Biosciences has a one year low of $14.75 and a one year high of $56.00. The business’s 50 day moving average price is $31.03 and its 200 day moving average price is $38.98.

Analysts Set New Price Targets

Several equities research analysts have commented on RNA shares. Chardan Capital reiterated a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a research note on Friday. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and set a $72.00 price objective on shares of Avidity Biosciences in a research note on Friday, January 10th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set 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, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $65.80.

Insider Buying and Selling at Avidity Biosciences

In other news, insider Kathleen P. Gallagher sold 5,875 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $32.16, for a total transaction of $188,940.00. Following the sale, the insider now owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. This represents a 10.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider W. Michael Flanagan sold 24,000 shares of the stock in a transaction 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 in the company, valued at $3,054,364.53. This trade represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 129,138 shares of company stock valued at $4,229,012 over the last quarter. 3.68% of the stock is owned by company 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.