Avidity Biosciences (NASDAQ:RNA) Releases Earnings Results, Beats Estimates By $0.56 EPS

Avidity Biosciences (NASDAQ:RNA) posted its earnings results on Thursday. The biotechnology company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.56, Zacks reports. The company had revenue of $15.32 million during the quarter, compared to analysts’ expectations of $15.00 million.

Avidity Biosciences Stock Up 1.3%

NASDAQ:RNA traded up $0.10 during trading hours on Friday, reaching $7.60. 42,783 shares of the company’s stock were exchanged, compared to its average volume of 357,684. Avidity Biosciences has a 1-year low of $7.49 and a 1-year high of $16.77. The firm has a market capitalization of $130.04 million and a price-to-earnings ratio of -3.53. The company has a 50-day moving average of $8.79 and a 200 day moving average of $18.57.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Weiss Ratings upgraded shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, August 3rd. Roth Capital initiated coverage on Avidity Biosciences in a report on Thursday, October 22nd. They set a “buy” rating and a $15.00 price objective on the stock. Finally, HC Wainwright cut their target price on Avidity Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $33.00.

About Avidity Biosciences

Avidity Biosciences is a biotechnology company focused on developing RNA-based medicines for diseases that affect muscle. Its Antibody Oligonucleotide Conjugate (AOC) platform combines antibodies with oligonucleotides to help deliver RNA-targeting treatments into muscle cells. The company’s research and clinical pipeline has included programs for neuromuscular disorders such as myotonic dystrophy type 1 and Duchenne muscular dystrophy. Avidity was founded in 2012 and is based in San Diego, California.