Avidity Biosciences (NASDAQ:RNA) Issues Quarterly Earnings Results, Misses Estimates By $0.22 EPS

Avidity Biosciences (NASDAQ:RNA) issued its quarterly earnings data on Thursday. The biotechnology company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22), Zacks reports. Avidity Biosciences had a negative return on equity of 33.45% and a negative net margin of 4,247.77%.The company had revenue of $12.50 million for the quarter, compared to analysts’ expectations of $1.80 million.

Avidity Biosciences Price Performance

Shares of RNA opened at $69.84 on Tuesday. The company has a market capitalization of $10.19 billion, a price-to-earnings ratio of -19.62 and a beta of 0.97. Avidity Biosciences has a 52 week low of $21.51 and a 52 week high of $70.51. The stock’s 50-day moving average price is $51.08 and its 200-day moving average price is $40.43.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Barclays reissued an “overweight” rating and issued a $62.00 price target (up previously from $59.00) on shares of Avidity Biosciences in a report on Friday, August 8th. HC Wainwright lowered shares of Avidity Biosciences from a “buy” rating to a “neutral” rating and cut their price target for the company from $87.00 to $72.00 in a research note on Monday, October 27th. Loop Capital set a $72.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Cowen downgraded Avidity Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, October 29th. Finally, Raymond James Financial cut Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research report on Monday, October 27th. Nine research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $69.24.

Insider Buying and Selling

In related news, insider Steven George Hughes sold 2,209 shares of the stock in a transaction on Wednesday, October 22nd. The shares were sold at an average price of $47.54, for a total transaction of $105,015.86. Following the sale, the insider directly owned 38,867 shares of the company’s stock, valued at approximately $1,847,737.18. This represents a 5.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Sarah Boyce sold 50,000 shares of Avidity Biosciences stock in a transaction on Friday, September 5th. The shares were sold at an average price of $49.95, for a total transaction of $2,497,500.00. Following the completion of the transaction, the chief executive officer directly owned 305,871 shares of the company’s stock, valued at $15,278,256.45. The trade was a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 154,438 shares of company stock valued at $7,588,537 in the last three months. 3.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of large investors have recently bought and sold shares of the business. Osaic Holdings Inc. raised its position in shares of Avidity Biosciences by 1,659.1% during the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,543 shares during the last quarter. Strs Ohio acquired a new position in shares of Avidity Biosciences during the first quarter valued at approximately $180,000. Boothbay Fund Management LLC lifted its position in shares of Avidity Biosciences by 111.5% in the second quarter. Boothbay Fund Management LLC now owns 10,000 shares of the biotechnology company’s stock valued at $284,000 after acquiring an additional 96,700 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Avidity Biosciences by 59.4% in the second quarter. Tower Research Capital LLC TRC now owns 13,009 shares of the biotechnology company’s stock worth $369,000 after acquiring an additional 4,850 shares during the last quarter. Finally, E Fund Management Co. Ltd. increased its position in shares of Avidity Biosciences by 4.6% during the second quarter. E Fund Management Co. Ltd. now owns 14,163 shares of the biotechnology company’s stock worth $402,000 after purchasing an additional 629 shares in the last quarter.

Avidity Biosciences Company Profile

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.