Avidity Biosciences (NASDAQ:RNA – Get Free Report) released its earnings results on Thursday. The biotechnology company reported ($1.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.24, FiscalAI reports. The firm had revenue of $3.00 million during the quarter, compared to analysts’ expectations of $0.67 million.
Avidity Biosciences Stock Up 1.3%
Shares of Avidity Biosciences stock traded up $0.16 during trading hours on Thursday, hitting $12.33. 127,102 shares of the company’s stock traded hands, compared to its average volume of 123,586. Avidity Biosciences has a twelve month low of $11.13 and a twelve month high of $16.77. The company has a market cap of $210.97 million and a PE ratio of -12.71. The stock has a 50 day simple moving average of $12.36 and a 200-day simple moving average of $23.13.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on RNA shares. HC Wainwright began coverage on shares of Avidity Biosciences in a research note on Thursday, August 6th. They set a “buy” rating and a $25.00 price objective on the stock. Zacks Research upgraded Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. Cantor Fitzgerald assumed coverage on Avidity Biosciences in a research report on Thursday, June 18th. They issued an “overweight” rating and a $25.00 target price on the stock. Weiss Ratings upgraded Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a report on Monday, August 3rd. Finally, Leerink Partners initiated coverage on shares of Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $63.85.
Institutional Investors Weigh In On Avidity Biosciences
A number of hedge funds have recently bought and sold shares of RNA. Corient Private Wealth LLC acquired a new stake in shares of Avidity Biosciences during the 4th quarter valued at approximately $689,000. Alberta Investment Management Corp acquired a new stake in shares of Avidity Biosciences during the fourth quarter worth $1,803,000. Mackenzie Financial Corp raised its holdings in shares of Avidity Biosciences by 14.9% during the fourth quarter. Mackenzie Financial Corp now owns 7,255 shares of the biotechnology company’s stock worth $522,000 after purchasing an additional 941 shares during the period. Empowered Funds LLC bought a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $303,000. Finally, Voloridge Investment Management LLC acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $46,324,000.
Avidity Biosciences Company Profile
Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.
The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.
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