Avidity Biosciences (NASDAQ:RNA) Posts Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Avidity Biosciences (NASDAQ:RNA) announced its quarterly earnings results on Thursday. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.05) by $0.08, FiscalAI reports. The company had revenue of $19.64 million for the quarter, compared to analyst estimates of $2.00 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%.

Avidity Biosciences Stock Down 0.3%

Shares of NASDAQ RNA traded down $0.04 during midday trading on Friday, reaching $13.23. The stock had a trading volume of 234,323 shares, compared to its average volume of 628,512. Avidity Biosciences has a twelve month low of $11.95 and a twelve month high of $16.77. The company’s 50 day moving average price is $13.56 and its 200 day moving average price is $49.87.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of RNA. EFG International AG acquired a new position in shares of Avidity Biosciences during the 4th quarter valued at $33,000. Los Angeles Capital Management LLC acquired a new position in shares of Avidity Biosciences during the 4th quarter valued at $34,000. Smartleaf Asset Management LLC lifted its position in shares of Avidity Biosciences by 426.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock valued at $35,000 after acquiring an additional 397 shares during the period. Osaic Holdings Inc. lifted 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 valued at $48,000 after acquiring an additional 1,543 shares during the period. Finally, Comerica Bank lifted 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 valued at $58,000 after acquiring an additional 576 shares during the period.

Analyst Upgrades and Downgrades

RNA has been the topic of several recent research reports. Wall Street Zen downgraded shares of Avidity Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday. Wells Fargo & Company initiated coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating on the stock. HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Finally, Leerink Partners initiated coverage on shares of Avidity Biosciences in a research report on Friday. They issued an “outperform” rating and a $25.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $66.95.

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.