Avidity Biosciences (NASDAQ:RNA) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Avidity Biosciences (NASDAQ:RNA) released its quarterly earnings data on Wednesday. The biotechnology company reported ($0.79) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.81) by $0.02, Zacks reports. The company had revenue of $3.54 million during the quarter, compared to analyst estimates 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 Trading Down 2.0 %

NASDAQ RNA traded down $0.60 on Thursday, hitting $28.91. 86,824 shares of the company’s stock traded hands, compared to its average volume of 1,129,913. The firm’s 50-day moving average price is $24.73 and its two-hundred day moving average price is $15.19. The firm has a market capitalization of $2.76 billion, a PE ratio of -10.00 and a beta of 0.79. Avidity Biosciences has a 1-year low of $4.82 and a 1-year high of $30.54.

Analyst Ratings Changes

Several equities analysts recently issued reports on RNA shares. Bank of America began coverage on shares of Avidity Biosciences in a report on Friday, May 3rd. They set a “buy” rating and a $40.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and set a $35.00 price objective on shares of Avidity Biosciences in a research note on Friday, May 10th. Cantor Fitzgerald began coverage on shares of Avidity Biosciences in a report on Thursday, March 14th. They issued an “overweight” rating and a $60.00 price target on the stock. Finally, Chardan Capital reiterated a “buy” rating and set a $33.00 price objective on shares of Avidity Biosciences in a research note on Friday, May 10th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $38.29.

Insider Transactions at Avidity Biosciences

In related news, CEO Sarah Boyce sold 84,000 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the sale, the chief executive officer now directly owns 112,117 shares of the company’s stock, valued at $2,398,182.63. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Michael F. Maclean sold 40,000 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $24.52, for a total value of $980,800.00. Following the completion of the sale, the chief financial officer now owns 44,093 shares of the company’s stock, valued at approximately $1,081,160.36. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sarah Boyce sold 84,000 shares of the stock in a transaction on Friday, March 8th. The shares were sold at an average price of $21.39, for a total transaction of $1,796,760.00. Following the transaction, the chief executive officer now directly owns 112,117 shares in the company, valued at $2,398,182.63. The disclosure for this sale can be found here. Insiders have sold 232,641 shares of company stock worth $5,391,551 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

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.