Avidity Biosciences (NASDAQ:RNA) Issues Earnings Results

Avidity Biosciences (NASDAQ:RNA) announced its earnings results on Thursday. The biotechnology company reported ($1.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.24, FiscalAI reports. The company had revenue of $3.00 million for the quarter, compared to the consensus estimate of $0.67 million.

Avidity Biosciences Trading Up 1.3%

Shares of NASDAQ:RNA traded up $0.16 during mid-day trading on Thursday, reaching $12.33. The stock had a trading volume of 127,102 shares, compared to its average volume of 123,586. The company has a market cap of $210.97 million and a P/E ratio of -12.71. Avidity Biosciences has a 1 year low of $11.13 and a 1 year high of $16.77. The business’s 50 day moving average price is $12.36 and its 200 day moving average price is $23.13.

Analysts Set New Price Targets

Several analysts have issued reports on RNA shares. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a research report on Thursday, June 18th. They set an “overweight” rating and a $25.00 price target for the company. Leerink Partners initiated coverage on Avidity Biosciences in a report on Friday, May 15th. They set an “outperform” rating for the company. Zacks Research raised Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. Weiss Ratings upgraded shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, August 3rd. Finally, Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $63.85.

Institutional Trading of Avidity Biosciences

Institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LLC bought a new stake in shares of Avidity Biosciences in the 4th quarter worth about $689,000. Alberta Investment Management Corp purchased a new stake in Avidity Biosciences in the fourth quarter worth about $1,803,000. Mackenzie Financial Corp boosted its stake in shares of Avidity Biosciences by 14.9% during the fourth quarter. Mackenzie Financial Corp now owns 7,255 shares of the biotechnology company’s stock valued at $522,000 after purchasing an additional 941 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Avidity Biosciences in the 4th quarter valued at $303,000. Finally, Voloridge Investment Management LLC bought a new position in Avidity Biosciences in the fourth quarter worth about $46,324,000.

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.