Avidity Biosciences (NASDAQ:RNA) Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Avidity Biosciences (NASDAQ:RNA) posted its quarterly earnings data on Thursday. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04), Zacks reports. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%.

Avidity Biosciences Trading Down 1.9 %

Shares of NASDAQ RNA opened at $29.08 on Friday. The stock has a market capitalization of $3.47 billion, a PE ratio of -10.10 and a beta of 1.00. The stock’s fifty day simple moving average is $31.03 and its two-hundred day simple moving average is $38.98. Avidity Biosciences has a 12-month low of $14.75 and a 12-month high of $56.00.

Insider Buying and Selling at Avidity Biosciences

In other Avidity Biosciences news, insider W. Michael Flanagan sold 24,000 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total transaction of $858,480.00. Following the sale, the insider now owns 85,389 shares of the company’s stock, valued at approximately $3,054,364.53. This trade represents a 21.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $33.26, for a total value of $831,500.00. Following the sale, the insider now directly owns 94,018 shares in the company, valued at $3,127,038.68. This trade represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,138 shares of company stock valued at $4,229,012. 3.68% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Friday, January 10th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 price target on shares of Avidity Biosciences in a report on Tuesday, January 21st. Finally, Chardan Capital restated a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Friday. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $65.80.

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.