Chardan Capital Issues Pessimistic Estimate for RNA Earnings

Avidity Biosciences, Inc. (NASDAQ:RNA) – Equities research analysts at Chardan Capital decreased their FY2025 earnings estimates for shares of Avidity Biosciences in a research note issued on Tuesday, November 11th. Chardan Capital analyst K. Nakae now forecasts that the biotechnology company will post earnings per share of ($4.50) for the year, down from their prior forecast of ($4.35). Chardan Capital has a “Neutral” rating and a $72.00 price objective 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’ FY2026 earnings at ($5.02) EPS.

Several other equities research analysts have also weighed in on RNA. Leerink Partners restated a “market perform” rating and set a $72.00 price target (up from $65.00) on shares of Avidity Biosciences in a research report on Monday, October 27th. Raymond James Financial cut shares of Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a report on Monday, October 27th. Needham & Company LLC downgraded shares of Avidity Biosciences from a “buy” rating to a “hold” rating and set a $65.00 target price on the stock. in a research report on Monday, October 27th. Wells Fargo & Company lifted their price target on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Finally, Roth Capital cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating and set a $72.00 price objective on the stock. in a report on Monday, October 27th. Nine research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $69.24.

Avidity Biosciences Trading Up 0.0%

NASDAQ:RNA opened at $70.84 on Friday. The company has a 50-day moving average price of $52.46 and a 200-day moving average price of $41.13. Avidity Biosciences has a 12 month low of $21.51 and a 12 month high of $70.98. The stock has a market cap of $10.67 billion, a price-to-earnings ratio of -16.95 and a beta of 0.97.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). The business had revenue of $12.48 million during the quarter, compared to the consensus estimate of $1.80 million. Avidity Biosciences had a negative return on equity of 37.70% and a negative net margin of 2,634.59%.The company’s quarterly revenue was up 420.8% on a year-over-year basis.

Insider Activity

In related news, Director Troy Edward Wilson sold 29,500 shares of Avidity Biosciences stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $50.00, for a total value of $1,475,000.00. Following the completion of the sale, the director directly owned 54,425 shares in the company, valued at approximately $2,721,250. This trade represents a 35.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven George Hughes sold 2,209 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, October 22nd. The stock was sold at an average price of $47.54, for a total transaction of $105,015.86. Following the completion of the sale, the insider owned 38,867 shares of the company’s stock, valued at $1,847,737.18. This represents a 5.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 144,438 shares of company stock valued at $7,122,937. Corporate insiders own 3.83% of the company’s stock.

Institutional Trading of Avidity Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its holdings in Avidity Biosciences by 1.0% during the first quarter. Bank of New York Mellon Corp now owns 366,594 shares of the biotechnology company’s stock valued at $10,822,000 after purchasing an additional 3,577 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Avidity Biosciences by 109.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 69,265 shares of the biotechnology company’s stock valued at $2,045,000 after buying an additional 36,133 shares in the last quarter. Xponance Inc. grew its stake in shares of Avidity Biosciences by 7.3% during the 1st quarter. Xponance Inc. now owns 8,536 shares of the biotechnology company’s stock valued at $252,000 after acquiring an additional 579 shares during the period. New York State Common Retirement Fund grew its stake in shares of Avidity Biosciences by 47.3% during the 1st quarter. New York State Common Retirement Fund now owns 272,279 shares of the biotechnology company’s stock valued at $8,038,000 after acquiring an additional 87,468 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in Avidity Biosciences by 8.9% in the 1st quarter. Victory Capital Management Inc. now owns 41,703 shares of the biotechnology company’s stock worth $1,231,000 after acquiring an additional 3,395 shares in the last quarter.

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.