FY2027 Earnings Forecast for RNA Issued By Leerink Partnrs

Avidity Biosciences, Inc. (NASDAQ:RNA) – Leerink Partnrs issued their FY2027 EPS estimates for Avidity Biosciences in a research report issued on Thursday, August 7th. Leerink Partnrs analyst J. Schwartz anticipates that the biotechnology company will earn ($4.01) per share for the year. The consensus estimate for Avidity Biosciences’ current full-year earnings is ($2.89) per share.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company increased their price target on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday. Wolfe Research started coverage on shares of Avidity Biosciences in a research report on Tuesday, June 17th. They set an “outperform” rating and a $55.00 price target for the company. HC Wainwright reduced their price target on shares of Avidity Biosciences from $72.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, May 12th. The Goldman Sachs Group upgraded shares of Avidity Biosciences to a “buy” rating and set a $55.00 price target for the company in a research report on Thursday, July 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 price objective on shares of Avidity Biosciences in a report on Friday, June 27th. Seventeen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $67.00.

Avidity Biosciences Stock Performance

RNA opened at $45.75 on Monday. The firm has a market cap of $5.89 billion, a P/E ratio of -15.25 and a beta of 0.95. The firm has a 50-day moving average of $33.50 and a 200 day moving average of $31.39. Avidity Biosciences has a fifty-two week low of $21.51 and a fifty-two week high of $56.00.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the company. Creative Planning lifted its holdings in shares of Avidity Biosciences by 20.2% in the second quarter. Creative Planning now owns 39,260 shares of the biotechnology company’s stock worth $1,115,000 after buying an additional 6,599 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Avidity Biosciences by 25.4% in the second quarter. SG Americas Securities LLC now owns 21,930 shares of the biotechnology company’s stock worth $623,000 after purchasing an additional 4,440 shares during the last quarter. Fiera Capital Corp increased its position in shares of Avidity Biosciences by 1.2% in the second quarter. Fiera Capital Corp now owns 781,908 shares of the biotechnology company’s stock worth $22,206,000 after purchasing an additional 9,608 shares during the last quarter. Candriam S.C.A. increased its position in shares of Avidity Biosciences by 0.8% in the second quarter. Candriam S.C.A. now owns 442,773 shares of the biotechnology company’s stock worth $12,575,000 after purchasing an additional 3,674 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey increased its position in shares of Avidity Biosciences by 4.8% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 25,640 shares of the biotechnology company’s stock worth $728,000 after purchasing an additional 1,181 shares during the last quarter.

Insider Transactions at Avidity Biosciences

In other news, insider Steven George Hughes sold 81,434 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $42.74, for a total value of $3,480,489.16. Following the sale, the insider directly owned 38,867 shares of the company’s stock, valued at approximately $1,661,175.58. This represents a 67.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Eric Mosbrooker sold 130,807 shares of the stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $44.06, for a total transaction of $5,763,356.42. Following the completion of the sale, the insider directly owned 55,000 shares in the company, valued at approximately $2,423,300. The trade was a 70.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 443,826 shares of company stock valued at $19,597,686. Company insiders own 3.83% of the company’s stock.

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.