Avidity Biosciences (NASDAQ:RNA) Posts Earnings Results

Avidity Biosciences (NASDAQ:RNA) released its quarterly earnings results on Friday. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.11, Zacks reports. The business 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 Stock Down 5.3 %

RNA stock traded down $2.47 during trading on Monday, hitting $44.48. The company had a trading volume of 1,333,250 shares, compared to its average volume of 1,321,008. The firm has a 50-day moving average price of $40.05 and a 200-day moving average price of $28.18. Avidity Biosciences has a 1-year low of $4.82 and a 1-year high of $48.80. The firm has a market cap of $4.25 billion, a PE ratio of -14.80 and a beta of 0.90.

Insider Buying and Selling at Avidity Biosciences

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

Wall Street Analysts Forecast Growth

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

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.