Avidity Biosciences (NASDAQ:RNA) Announces Earnings Results, Beats Expectations By $0.08 EPS

by · The Cerbat Gem

Avidity Biosciences (NASDAQ:RNA – Get Free Report) posted its earnings results on Thursday. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.08, FiscalAI reports. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. The firm had revenue of $19.64 million during the quarter, compared to the consensus estimate of $2.00 million.

Avidity Biosciences Trading Down 0.2%

Shares of NASDAQ RNA traded down $0.03 during trading on Thursday, reaching $13.27. 100,282 shares of the stock were exchanged, compared to its average volume of 635,951. The business’s 50-day moving average price is $13.63 and its 200 day moving average price is $50.13. Avidity Biosciences has a twelve month low of $11.95 and a twelve month high of $16.77.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RNA shares. HC Wainwright reissued a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Wall Street Zen raised Avidity Biosciences to a “hold” rating in a research report on Saturday, March 21st. Finally, Wells Fargo & Company began coverage on Avidity Biosciences in a research note on Wednesday, March 11th. They set an “overweight” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $69.42.

Read Our Latest Stock Analysis on RNA

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its holdings in Avidity Biosciences by 38.2% in the 1st quarter. Royal Bank of Canada now owns 44,304 shares of the biotechnology company’s stock worth $1,308,000 after buying an additional 12,241 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Avidity Biosciences by 22.7% during the first quarter. NewEdge Advisors LLC now owns 23,837 shares of the biotechnology company’s stock valued at $704,000 after acquiring an additional 4,410 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Avidity Biosciences by 2.8% during the first quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company’s stock valued at $23,164,000 after acquiring an additional 21,649 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Avidity Biosciences by 7.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company’s stock worth $10,560,000 after acquiring an additional 25,329 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of Avidity Biosciences in the first quarter worth about $180,000.

Avidity Biosciences Company Profile

(Get Free Report)

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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