Avidity Biosciences (NASDAQ:RNA) Issues Quarterly Earnings Results, Misses Estimates By $0.22 EPS

Avidity Biosciences (NASDAQ:RNA) posted its quarterly earnings results on Monday. The biotechnology company reported ($1.27) EPS for the quarter, missing the consensus estimate of ($1.05) by ($0.22), Zacks reports. The firm had revenue of $12.50 million during the quarter, compared to analyst estimates of $1.80 million. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 41.79%. The firm’s revenue for the quarter was up 420.8% on a year-over-year basis.

Avidity Biosciences Stock Up 0.3%

RNA stock traded up $0.19 during midday trading on Wednesday, reaching $70.89. 498,118 shares of the company’s stock traded hands, compared to its average volume of 2,797,420. The company has a 50-day simple moving average of $51.55 and a two-hundred day simple moving average of $40.71. The company has a market cap of $10.34 billion, a price-to-earnings ratio of -16.95 and a beta of 0.97. Avidity Biosciences has a 1-year low of $21.51 and a 1-year high of $70.95.

Insider Buying and Selling

In other Avidity Biosciences news, insider Eric Mosbrooker sold 6,562 shares of Avidity Biosciences stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $45.38, for a total transaction of $297,783.56. Following the completion of the sale, the insider owned 55,000 shares of the company’s stock, valued at approximately $2,495,900. The trade was a 10.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sarah Boyce sold 50,000 shares of the company’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $49.95, for a total value of $2,497,500.00. Following the completion of the sale, the chief executive officer owned 305,871 shares of the company’s stock, valued at $15,278,256.45. This represents a 14.05% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 154,438 shares of company stock worth $7,588,537. 3.83% of the stock is currently owned by company insiders.

Institutional Trading of Avidity Biosciences

A number of large investors have recently made changes to their positions in RNA. Bank of America Corp DE increased its holdings in shares of Avidity Biosciences by 16.8% in the second quarter. Bank of America Corp DE now owns 1,839,315 shares of the biotechnology company’s stock worth $52,237,000 after acquiring an additional 264,827 shares in the last quarter. Sofinnova Investments Inc. grew its position in shares of Avidity Biosciences by 53.9% in the 2nd quarter. Sofinnova Investments Inc. now owns 584,801 shares of the biotechnology company’s stock valued at $16,608,000 after purchasing an additional 204,870 shares during the period. AXA S.A. acquired a new stake in Avidity Biosciences during the 2nd quarter worth approximately $2,878,000. Boothbay Fund Management LLC lifted its stake in Avidity Biosciences by 111.5% in the second quarter. Boothbay Fund Management LLC now owns 10,000 shares of the biotechnology company’s stock valued at $284,000 after buying an additional 96,700 shares in the last quarter. Finally, Hudson Bay Capital Management LP bought a new position in Avidity Biosciences in the second quarter valued at approximately $2,130,000.

Analyst Ratings Changes

RNA has been the subject of several research reports. Wells Fargo & Company raised their target price on Avidity Biosciences from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Royal Bank Of Canada restated a “sector perform” rating and issued a $72.00 price objective (up previously from $61.00) on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Needham & Company LLC downgraded shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 price objective for the company. in a report on Monday, October 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, October 8th. Finally, Loop Capital set a $72.00 price target on shares of Avidity Biosciences in a research report on Tuesday, October 28th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Avidity Biosciences has a consensus rating of “Hold” and a consensus target price of $69.24.

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.