Avidity Biosciences (NASDAQ:RNA) Posts Quarterly Earnings Results, Misses Estimates By $0.39 EPS

Avidity Biosciences (NASDAQ:RNA) issued its quarterly earnings data on Thursday. The biotechnology company reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.81) by ($0.39), reports. The firm had revenue of $15.32 million for the quarter, compared to analysts’ expectations of $15.00 million.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA traded down $0.46 during trading hours on Thursday, hitting $7.50. 294,717 shares of the company’s stock traded hands, compared to its average volume of 216,282. The firm has a market capitalization of $128.32 million and a P/E ratio of -3.49. The business has a fifty day moving average price of $8.79 and a 200-day moving average price of $18.57. Avidity Biosciences has a 1 year low of $7.49 and a 1 year high of $16.77.

Wall Street Analyst Weigh In

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

Avidity Biosciences Company Profile

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.