Avidity Biosciences (NASDAQ:RNA) Releases Earnings Results, Misses Expectations By $0.39 EPS

Avidity Biosciences (NASDAQ:RNA) issued its quarterly earnings data on Thursday. The biotechnology company reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.81) by ($0.39), reports. The firm had revenue of $15.32 million for the quarter, compared to analysts’ expectations of $15.00 million.

Avidity Biosciences Stock Down 5.8%

Shares of NASDAQ:RNA traded down $0.46 during trading on Thursday, hitting $7.50. 294,717 shares of the stock traded hands, compared to its average volume of 216,282. The company has a market cap of $128.32 million and a price-to-earnings ratio of -3.49. The company has a fifty day moving average price of $8.79 and a two-hundred day moving average price of $18.57. Avidity Biosciences has a 52-week low of $7.49 and a 52-week high of $16.77.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on RNA shares. Roth Capital initiated coverage on shares of Avidity Biosciences in a research report on Thursday, October 22nd. They set a “buy” rating and a $15.00 target price on the stock. Weiss Ratings raised shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a report on Monday, August 3rd. Finally, HC Wainwright lowered their price objective on shares of Avidity Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.00.

About Avidity Biosciences

Avidity Biosciences is a biotechnology company focused on developing RNA-based medicines for diseases that affect muscle. Its Antibody Oligonucleotide Conjugate (AOC) platform combines antibodies with oligonucleotides to help deliver RNA-targeting treatments into muscle cells. The company’s research and clinical pipeline has included programs for neuromuscular disorders such as myotonic dystrophy type 1 and Duchenne muscular dystrophy. Avidity was founded in 2012 and is based in San Diego, California.