Avidity Biosciences (NASDAQ:RNA) Issues Earnings Results, Beats Expectations By $0.24 EPS

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

Avidity Biosciences Trading Up 1.3%

NASDAQ RNA traded up $0.16 during trading hours on Thursday, reaching $12.33. 127,102 shares of the company traded hands, compared to its average volume of 123,586. The stock has a market capitalization of $210.97 million and a PE ratio of -12.71. Avidity Biosciences has a 12 month low of $11.13 and a 12 month high of $16.77. The company has a 50 day moving average of $12.36 and a two-hundred day moving average of $23.13.

Analysts Set New Price Targets

RNA has been the topic of a number of recent analyst reports. Zacks Research upgraded Avidity Biosciences to a “hold” rating in a report on Friday, June 19th. Cantor Fitzgerald began coverage on Avidity Biosciences in a research report on Thursday, June 18th. They set an “overweight” rating and a $25.00 target price on the stock. HC Wainwright started coverage on shares of Avidity Biosciences in a research report on Thursday, August 6th. They set a “buy” rating and a $25.00 target price on the stock. Weiss Ratings upgraded Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research report on Monday, August 3rd. Finally, Leerink Partners started coverage on Avidity Biosciences in a report on Friday, May 15th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $63.85.

Institutional Investors Weigh In On Avidity Biosciences

Institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LLC acquired a new position in shares of Avidity Biosciences in the fourth quarter worth $689,000. Alberta Investment Management Corp bought a new stake in Avidity Biosciences in the fourth quarter worth $1,803,000. Mackenzie Financial Corp increased its position in Avidity Biosciences by 14.9% during the fourth quarter. Mackenzie Financial Corp now owns 7,255 shares of the biotechnology company’s stock worth $522,000 after buying an additional 941 shares during the last quarter. Empowered Funds LLC bought a new position in Avidity Biosciences during the fourth quarter valued at about $303,000. Finally, Voloridge Investment Management LLC acquired a new position in shares of Avidity Biosciences during the 4th quarter valued at about $46,324,000.

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.