Avidity Biosciences (NASDAQ:RNA) Posts Quarterly Earnings Results, Misses Expectations By $0.35 EPS

Avidity Biosciences (NASDAQ:RNA) issued its earnings results on Monday. The biotechnology company reported ($1.59) EPS for the quarter, missing analysts’ consensus estimates of ($1.24) by ($0.35), Zacks reports. Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The firm had revenue of $0.86 million during the quarter, compared to the consensus estimate of $1.98 million.

Avidity Biosciences Trading Down 0.0%

Shares of RNA traded down $0.01 during trading hours on Wednesday, reaching $72.75. 1,908,462 shares of the stock traded hands, compared to its average volume of 2,410,170. Avidity Biosciences has a 52 week low of $21.51 and a 52 week high of $73.06. The company has a market cap of $11.26 billion, a price-to-earnings ratio of -17.40 and a beta of 0.93. The stock has a fifty day simple moving average of $72.52 and a 200 day simple moving average of $61.75.

Insiders Place Their Bets

In other news, Director Arthur A. Levin sold 1,758 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total value of $127,367.10. Following the transaction, the director owned 16,562 shares in the company, valued at $1,199,916.90. The trade was a 9.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven George Hughes sold 4,895 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $354,642.75. Following the completion of the transaction, the insider directly owned 31,599 shares of the company’s stock, valued at approximately $2,289,347.55. This represents a 13.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 58,407 shares of company stock worth $4,226,448 in the last ninety days. 3.83% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RNA. Royal Bank of Canada increased its position in shares of Avidity Biosciences by 38.2% during the 1st quarter. Royal Bank of Canada now owns 44,304 shares of the biotechnology company’s stock valued at $1,308,000 after purchasing an additional 12,241 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Avidity Biosciences by 22.7% in the 1st quarter. NewEdge Advisors LLC now owns 23,837 shares of the biotechnology company’s stock worth $704,000 after buying an additional 4,410 shares during the last quarter. Goldman Sachs Group Inc. grew its position in 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 buying an additional 21,649 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in 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 buying an additional 25,329 shares during the last quarter. Finally, Strs Ohio purchased a new stake in Avidity Biosciences during the first quarter worth about $180,000.

Wall Street Analyst Weigh In

A number of brokerages have commented on RNA. Chardan Capital reissued a “neutral” rating and issued a $72.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, November 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. Loop Capital set a $72.00 price target on shares of Avidity Biosciences in a research report on Tuesday, October 28th. Evercore set a $72.00 price target on shares of Avidity Biosciences in a research note on Thursday, December 18th. Finally, Wolfe Research downgraded shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 28th. Eight investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Avidity Biosciences has a consensus rating of “Hold” and an average target price of $69.57.

About Avidity Biosciences

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.