Avidity Biosciences (NASDAQ:RNA) Announces Quarterly Earnings Results

Avidity Biosciences (NASDAQ:RNA) released its quarterly earnings results on Friday. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11, Zacks reports. The company had revenue of $2.05 million for the quarter, compared to the consensus estimate of $7.09 million. Avidity Biosciences had a negative net margin of 2,103.78% and a negative return on equity of 37.98%.

Avidity Biosciences Price Performance

Shares of RNA traded down $2.47 during trading hours on Monday, hitting $44.48. 1,333,250 shares of the company were exchanged, compared to its average volume of 1,321,008. The company has a market capitalization of $4.25 billion, a PE ratio of -14.80 and a beta of 0.90. The firm has a fifty day simple moving average of $40.05 and a 200-day simple moving average of $28.18. Avidity Biosciences has a one year low of $4.82 and a one year high of $48.80.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, CFO Michael F. Maclean sold 75,000 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $28.28, for a total transaction of $2,121,000.00. Following the sale, the chief financial officer now owns 44,093 shares in the company, valued at approximately $1,246,950.04. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Avidity Biosciences news, CFO Michael F. Maclean sold 75,000 shares of Avidity Biosciences stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $28.28, for a total transaction of $2,121,000.00. Following the transaction, the chief financial officer now directly owns 44,093 shares in the company, valued at approximately $1,246,950.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $27.42, for a total value of $767,760.00. Following the completion of the sale, the chief executive officer now owns 112,117 shares of the company’s stock, valued at approximately $3,074,248.14. The disclosure for this sale can be found here. Insiders have sold 482,478 shares of company stock valued at $17,491,990 over the last three months. Company insiders own 3.68% of the company’s stock.

Analysts Set New Price Targets

RNA has been the topic of several recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $35.00 target price on shares of Avidity Biosciences in a report on Monday, June 10th. Bank of America lifted their price target on Avidity Biosciences from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Evercore ISI upped their price objective on Avidity Biosciences from $45.00 to $54.00 and gave the company an “outperform” rating in a report on Monday. Finally, Chardan Capital raised their target price on Avidity Biosciences from $45.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and a consensus price target of $50.67.

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.