Avidity Biosciences (NASDAQ:RNA) Issues Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Avidity Biosciences (NASDAQ:RNA) issued its quarterly earnings data on Thursday. The biotechnology company reported ($0.97) EPS for the quarter, topping the consensus estimate of ($1.05) by $0.08, FiscalAI reports. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The business had revenue of $19.64 million for the quarter, compared to the consensus estimate of $2.00 million.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA traded down $0.15 during midday trading on Friday, reaching $13.12. The company’s stock had a trading volume of 99,103 shares, compared to its average volume of 625,940. The stock has a 50 day simple moving average of $13.63 and a 200-day simple moving average of $50.13. Avidity Biosciences has a fifty-two week low of $11.95 and a fifty-two week high of $16.77.

Analyst Ratings Changes

Several equities analysts recently issued reports on RNA shares. Leerink Partners started coverage on Avidity Biosciences in a research report on Friday. They issued an “outperform” rating for the company. HC Wainwright reaffirmed a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. Wall Street Zen upgraded shares of Avidity Biosciences to a “hold” rating in a report on Saturday, March 21st. Wells Fargo & Company initiated coverage on shares of Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Avidity Biosciences currently has an average rating of “Hold” and an average target price of $69.42.

Institutional Investors Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pentwater Capital Management LP grew its holdings in shares of Avidity Biosciences by 30,032.5% in the 4th quarter. Pentwater Capital Management LP now owns 6,026,500 shares of the biotechnology company’s stock valued at $434,691,000 after acquiring an additional 6,006,500 shares in the last quarter. HBK Investments L P acquired a new position in Avidity Biosciences during the fourth quarter valued at approximately $314,847,000. Bellevue Group AG bought a new position in Avidity Biosciences in the third quarter valued at approximately $93,800,000. TIG Advisors LLC bought a new position in Avidity Biosciences in the fourth quarter valued at approximately $129,955,000. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of Avidity Biosciences by 119.2% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,630,966 shares of the biotechnology company’s stock worth $189,772,000 after purchasing an additional 1,430,966 shares during the last quarter.

About Avidity Biosciences

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.