Avidity Biosciences (NASDAQ:RNA) Releases Quarterly Earnings Results, Beats Estimates By $0.24 EPS

Avidity Biosciences (NASDAQ:RNA) released its quarterly earnings results on Thursday. The biotechnology company reported ($1.18) EPS for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.24, FiscalAI reports. The business had revenue of $3.00 million for the quarter, compared to the consensus estimate of $0.67 million.

Avidity Biosciences Price Performance

Shares of Avidity Biosciences stock traded up $0.51 during trading hours on Friday, hitting $12.84. The company’s stock had a trading volume of 176,079 shares, compared to its average volume of 120,809. Avidity Biosciences has a 12 month low of $11.13 and a 12 month high of $16.77. The stock has a 50 day moving average of $12.38 and a 200 day moving average of $23.06. The company has a market capitalization of $219.69 million and a PE ratio of -13.24.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on RNA shares. HC Wainwright reiterated a “buy” rating and set a $25.00 price target on shares of Avidity Biosciences in a research report on Friday. Weiss Ratings upgraded shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research report on Monday, August 3rd. Leerink Partners began coverage on shares of Avidity Biosciences in a research note on Friday, May 15th. They issued an “outperform” rating for the company. Cantor Fitzgerald started coverage on shares of Avidity Biosciences in a research note on Thursday, June 18th. They set an “overweight” rating and a $25.00 price target on the stock. Finally, Wall Street Zen raised shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Avidity Biosciences presently has an average rating of “Hold” and an average target price of $63.85.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently modified their holdings of RNA. Smartleaf Asset Management LLC raised its holdings in Avidity Biosciences by 426.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after buying an additional 397 shares during the period. EFG International AG acquired a new position in shares of Avidity Biosciences in the fourth quarter valued at approximately $33,000. California State Teachers Retirement System increased its position in shares of Avidity Biosciences by 0.5% during the second quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock worth $2,563,000 after acquiring an additional 466 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Avidity Biosciences during the fourth quarter worth $34,000. Finally, Guggenheim Capital LLC raised its holdings in shares of Avidity Biosciences by 1.6% during the second quarter. Guggenheim Capital LLC now owns 32,602 shares of the biotechnology company’s stock worth $926,000 after acquiring an additional 519 shares during the period.

Avidity Biosciences Company Profile

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.