Avidity Biosciences (NASDAQ:RNA) Releases Earnings Results, Misses Estimates By $0.35 EPS

Avidity Biosciences (NASDAQ:RNA) released its quarterly earnings data on Monday. The biotechnology company reported ($1.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.24) by ($0.35), Zacks reports. The business had revenue of $0.86 million during the quarter, compared to analyst estimates of $1.98 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%.

Avidity Biosciences Trading Up 0.0%

NASDAQ:RNA traded up $0.02 during trading hours on Wednesday, hitting $72.77. 3,270,725 shares of the company traded hands, compared to its average volume of 2,439,916. Avidity Biosciences has a twelve month low of $21.51 and a twelve month high of $73.06. The firm has a 50-day moving average of $72.52 and a 200 day moving average of $61.75. The stock has a market capitalization of $11.26 billion, a price-to-earnings ratio of -17.41 and a beta of 0.93.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Evercore set a $72.00 price objective on Avidity Biosciences in a research note on Thursday, December 18th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $72.00 price target (up from $61.00) on shares of Avidity Biosciences in a research report on Tuesday, October 28th. TD Cowen restated a “hold” rating on shares of Avidity Biosciences in a research note on Wednesday, November 12th. Wolfe Research downgraded shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. Finally, Chardan Capital reiterated a “neutral” rating and issued a $72.00 target price on shares of Avidity Biosciences in a report on Tuesday, November 11th. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $69.57.

Insider Activity at Avidity Biosciences

In related news, CFO Michael F. Maclean sold 4,542 shares of Avidity Biosciences stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $329,067.90. Following the sale, the chief financial officer directly owned 59,290 shares of the company’s stock, valued at $4,295,560.50. This trade represents a 7.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven George Hughes sold 4,895 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $354,642.75. Following the completion of the transaction, the insider directly owned 31,599 shares of the company’s stock, valued at approximately $2,289,347.55. This trade represents a 13.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 58,407 shares of company stock worth $4,226,448. Insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of RNA. EFG International AG bought a new stake in Avidity Biosciences in the fourth quarter valued at $33,000. Smartleaf Asset Management LLC boosted its stake in shares of Avidity Biosciences by 426.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 397 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Avidity Biosciences in the 4th quarter worth about $34,000. Comerica Bank increased its position in shares of Avidity Biosciences by 75.9% during the 3rd quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock worth $58,000 after purchasing an additional 576 shares in the last quarter. Finally, Osaic Holdings Inc. increased 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 in 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.