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

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

Avidity Biosciences Stock Performance

RNA stock traded up $0.40 during trading on Friday, hitting $12.73. 73,621 shares of the company’s stock traded hands, compared to its average volume of 394,666. Avidity Biosciences has a 52 week low of $11.13 and a 52 week high of $16.77. The stock has a market capitalization of $217.81 million and a price-to-earnings ratio of -13.12. The business has a fifty day simple moving average of $12.36 and a 200 day simple moving average of $23.13.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RNA. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a report on Thursday, June 18th. They set an “overweight” rating and a $25.00 price objective for the company. Leerink Partners started coverage on shares of Avidity Biosciences in a report on Friday, May 15th. They issued an “outperform” rating on the stock. Zacks Research upgraded shares of Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. Weiss Ratings upgraded shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research report on Monday, August 3rd. Finally, Wall Street Zen raised shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $63.85.

Institutional Trading of Avidity Biosciences

Several hedge funds have recently made changes to their positions in the business. Royal Bank of Canada grew its position in Avidity Biosciences by 38.2% in the first quarter. Royal Bank of Canada now owns 44,304 shares of the biotechnology company’s stock worth $1,308,000 after acquiring an additional 12,241 shares in the last quarter. NewEdge Advisors LLC raised its position in Avidity Biosciences by 22.7% during the first quarter. NewEdge Advisors LLC now owns 23,837 shares of the biotechnology company’s stock valued at $704,000 after purchasing an additional 4,410 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Avidity Biosciences by 2.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company’s stock valued at $23,164,000 after purchasing an additional 21,649 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Avidity Biosciences by 7.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company’s stock worth $10,560,000 after purchasing an additional 25,329 shares during the period. Finally, Strs Ohio bought a new position in shares of Avidity Biosciences during the 1st quarter valued at approximately $180,000.

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.