What is Chardan Capital’s Estimate for RNA FY2024 Earnings?

Avidity Biosciences, Inc. (NASDAQ:RNA) – Research analysts at Chardan Capital dropped their FY2024 earnings estimates for shares of Avidity Biosciences in a report issued on Wednesday, December 18th. Chardan Capital analyst K. Nakae now anticipates that the biotechnology company will post earnings per share of ($2.72) for the year, down from their prior forecast of ($2.66). Chardan Capital currently has a “Buy” rating and a $65.00 target price on the stock. The consensus estimate for Avidity Biosciences’ current full-year earnings is ($2.89) per share. Chardan Capital also issued estimates for Avidity Biosciences’ FY2025 earnings at ($2.93) EPS.

A number of other research analysts also recently commented on the company. TD Cowen increased their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 21st. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. HC Wainwright began coverage on shares of Avidity Biosciences in a report on Friday. They issued a “buy” rating and a $72.00 target price for the company. Finally, Barclays began coverage on shares of Avidity Biosciences in a research note on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target on the stock. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $64.36.

Avidity Biosciences Stock Down 0.6 %

Shares of RNA stock opened at $31.64 on Monday. The firm has a 50 day moving average of $42.38 and a two-hundred day moving average of $42.35. Avidity Biosciences has a 52 week low of $8.86 and a 52 week high of $56.00. The stock has a market capitalization of $3.77 billion, a PE ratio of -10.99 and a beta of 0.89.

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

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds have recently modified their holdings of RNA. Lord Abbett & CO. LLC boosted its holdings in Avidity Biosciences by 30.1% in the third quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock valued at $24,766,000 after acquiring an additional 124,867 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Avidity Biosciences by 24.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 990,182 shares of the biotechnology company’s stock valued at $45,479,000 after purchasing an additional 197,065 shares in the last quarter. D. E. Shaw & Co. Inc. grew its holdings in shares of Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock worth $30,190,000 after purchasing an additional 707,773 shares during the period. RA Capital Management L.P. increased its position in Avidity Biosciences by 16.7% during the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company’s stock worth $289,378,000 after purchasing an additional 900,000 shares in the last quarter. Finally, Sofinnova Investments Inc. purchased a new position in Avidity Biosciences in the second quarter valued at approximately $875,000.

Insider Transactions at Avidity Biosciences

In related news, Director Tamar Thompson sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $44.98, for a total transaction of $1,349,400.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sarah Boyce sold 31,855 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total value of $1,040,384.30. Following the completion of the transaction, the chief executive officer now owns 265,308 shares of the company’s stock, valued at $8,664,959.28. This trade represents a 10.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 193,071 shares of company stock valued at $7,474,724 in the last ninety days. Corporate insiders own 3.68% 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.