Research Analysts Set Expectations for RNA FY2024 Earnings

Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) - Investment analysts at Cantor Fitzgerald cut their FY2024 earnings estimates for Avidity Biosciences in a report issued on Wednesday, November 13th. Cantor Fitzgerald analyst E. Schmidt now expects that the biotechnology company will post earnings of ($2.85) per share for the year, down from their previous forecast of ($2.53). Cantor Fitzgerald currently has a "Overweight" rating and a $96.00 price target on the stock. The consensus estimate for Avidity Biosciences' current full-year earnings is ($2.90) per share.

RNA has been the topic of a number of other reports. Evercore ISI decreased their price objective on Avidity Biosciences from $54.00 to $53.00 and set an "outperform" rating on the stock in a report on Monday, August 26th. Needham & Company LLC reissued a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. The Goldman Sachs Group started coverage on Avidity Biosciences in a report on Tuesday, September 24th. They set a "buy" rating and a $59.00 price objective on the stock. TD Cowen lifted their price objective on Avidity Biosciences from $56.00 to $78.00 and gave the stock a "buy" rating in a research report on Monday, October 21st. Finally, Chardan Capital restated a "buy" rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences presently has a consensus rating of "Buy" and a consensus price target of $63.22.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA traded down $1.69 on Monday, hitting $40.49. The company's stock had a trading volume of 570,574 shares, compared to its average volume of 1,317,004. The company has a 50-day simple moving average of $45.26 and a 200 day simple moving average of $40.42. Avidity Biosciences has a 1 year low of $5.68 and a 1 year high of $56.00. The company has a market capitalization of $4.83 billion, a PE ratio of -14.65 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping analysts' consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The company had revenue of $2.34 million for the quarter, compared to analysts' expectations of $7.09 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Neo Ivy Capital Management purchased a new stake in shares of Avidity Biosciences during the 3rd quarter valued at approximately $762,000. Geode Capital Management LLC raised its position in shares of Avidity Biosciences by 14.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,585,303 shares of the biotechnology company's stock valued at $118,767,000 after buying an additional 328,606 shares during the period. Barclays PLC raised its position in shares of Avidity Biosciences by 68.5% during the 3rd quarter. Barclays PLC now owns 255,699 shares of the biotechnology company's stock valued at $11,743,000 after buying an additional 103,905 shares during the period. Orion Portfolio Solutions LLC purchased a new stake in Avidity Biosciences in the third quarter valued at approximately $535,000. Finally, XTX Topco Ltd purchased a new stake in Avidity Biosciences in the third quarter valued at approximately $277,000.

Insider Activity

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $45.73, for a total transaction of $228,650.00. Following the completion of the transaction, the director now owns 14,830 shares in the company, valued at approximately $678,175.90. This trade represents a 25.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Teresa Mccarthy sold 13,153 shares of Avidity Biosciences stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $578,732.00. Following the completion of the sale, the insider now owns 69,018 shares in the company, valued at approximately $3,036,792. The trade was a 16.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 122,543 shares of company stock worth $5,556,092. Insiders own 3.68% of the company's stock.

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.