Research Analysts Set Expectations for RNA FY2024 Earnings

Avidity Biosciences, Inc. (NASDAQ:RNA) – Stock analysts at Cantor Fitzgerald dropped their FY2024 earnings estimates for shares of Avidity Biosciences in a research note issued on Wednesday, November 13th. Cantor Fitzgerald analyst E. Schmidt now expects that the biotechnology company will post earnings of ($2.85) per share for the year, down from their prior forecast of ($2.53). Cantor Fitzgerald has a “Overweight” rating and a $96.00 price objective on the stock. The consensus estimate for Avidity Biosciences’ current full-year earnings is ($2.90) per share.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. The business had revenue of $2.34 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%.

Other research analysts have also recently issued reports about the company. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. Chardan Capital reaffirmed a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Evercore ISI dropped their price objective on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Monday, August 26th. Barclays started coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 target price on the stock. Finally, TD Cowen increased their price target on shares of Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences has a consensus rating of “Buy” and an average target price of $63.22.

Avidity Biosciences Trading Up 4.6 %

Shares of Avidity Biosciences stock opened at $43.25 on Monday. The firm has a market capitalization of $5.16 billion, a PE ratio of -15.02 and a beta of 0.91. Avidity Biosciences has a 12 month low of $5.68 and a 12 month high of $56.00. The business’s 50-day moving average price is $45.32 and its 200-day moving average price is $40.65.

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds have recently modified their holdings of RNA. PEAK6 Investments LLC increased its holdings in shares of Avidity Biosciences by 4.9% in the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after purchasing an additional 343 shares during the period. Arizona State Retirement System increased its holdings in Avidity Biosciences by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after buying an additional 405 shares during the period. National Bank of Canada FI purchased a new position in Avidity Biosciences during the 3rd quarter worth approximately $27,000. Allspring Global Investments Holdings LLC acquired a new stake in Avidity Biosciences during the 3rd quarter valued at approximately $30,000. Finally, Values First Advisors Inc. purchased a new stake in shares of Avidity Biosciences in the 3rd quarter valued at $32,000.

Insider Buying and Selling

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the sale, the insider now owns 94,018 shares of the company’s stock, valued at approximately $4,561,753.36. This trade represents a 21.01 % 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, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at $678,175.90. This represents a 25.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 122,543 shares of company stock worth $5,556,092 over the last three months. 3.68% of the stock is owned by insiders.

Avidity Biosciences Company Profile

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.