Avidity Biosciences (NASDAQ:RNA) Releases Earnings Results, Misses Expectations By $0.04 EPS

Avidity Biosciences (NASDAQ:RNA) announced its quarterly earnings data on Thursday. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04), Zacks reports. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%.

Avidity Biosciences Trading Down 1.9 %

Shares of RNA stock traded down $0.57 during trading on Thursday, reaching $29.08. 1,099,143 shares of the company’s stock traded hands, compared to its average volume of 1,331,301. The company has a market capitalization of $3.47 billion, a P/E ratio of -10.10 and a beta of 1.00. The firm’s 50-day moving average is $31.07 and its 200 day moving average is $39.05. Avidity Biosciences has a 1 year low of $14.75 and a 1 year high of $56.00.

Insider Buying and Selling

In related news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $33.26, for a total transaction of $831,500.00. Following the completion of the transaction, the insider now directly owns 94,018 shares of the company’s stock, valued at $3,127,038.68. This trade represents a 21.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Kathleen P. Gallagher sold 5,875 shares of Avidity Biosciences stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $32.16, for a total transaction of $188,940.00. Following the transaction, the insider now directly owns 50,554 shares of the company’s stock, valued at approximately $1,625,816.64. This trade represents a 10.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,138 shares of company stock valued at $4,229,012. Company insiders own 3.68% of the company’s stock.

Analyst Upgrades and Downgrades

RNA has been the topic of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a research report on Tuesday, January 21st. HC Wainwright reiterated a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research note on Friday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $65.80.

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.