Chardan Capital Has Negative Outlook of RNA FY2024 Earnings

Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) - Investment analysts at Chardan Capital reduced their FY2024 earnings per share estimates for shares of Avidity Biosciences in a report released on Wednesday, December 18th. Chardan Capital analyst K. Nakae now expects that the biotechnology company will post earnings per share of ($2.72) for the year, down from their prior estimate of ($2.66). Chardan Capital currently has a "Buy" rating and a $65.00 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' FY2025 earnings at ($2.93) EPS.

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

Several other equities research analysts have also recently issued reports on RNA. HC Wainwright started coverage on shares of Avidity Biosciences in a report on Friday. They issued a "buy" rating and a $72.00 target price on the stock. TD Cowen raised their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a "buy" rating in a research note on Monday, October 21st. Barclays began coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an "overweight" rating and a $63.00 price objective for the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $96.00 target price on shares of Avidity Biosciences in a research report on Monday, September 16th. Finally, Royal Bank of Canada initiated coverage on shares of Avidity Biosciences in a research report on Tuesday, November 26th. They set an "outperform" rating and a $67.00 price target for the company. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $64.36.

Avidity Biosciences Stock Performance

Shares of RNA stock traded down $0.18 during trading hours on Monday, reaching $31.64. The company had a trading volume of 1,320,279 shares, compared to its average volume of 1,316,859. The business has a fifty day moving average price of $42.38 and a 200-day moving average price of $42.35. Avidity Biosciences has a one year low of $8.86 and a one year high of $56.00. The firm has a market cap of $3.77 billion, a PE ratio of -10.99 and a beta of 0.89.

Institutional Trading of Avidity Biosciences

Several hedge funds have recently bought and sold shares of RNA. Wellington Management Group LLP boosted its position in shares of Avidity Biosciences by 84.9% during the 3rd quarter. Wellington Management Group LLP now owns 7,030,949 shares of the biotechnology company's stock valued at $322,931,000 after acquiring an additional 3,228,923 shares during the last quarter. State Street Corp lifted its position in Avidity Biosciences by 41.7% during the third quarter. State Street Corp now owns 4,706,106 shares of the biotechnology company's stock valued at $216,151,000 after purchasing an additional 1,386,087 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Avidity Biosciences by 33.9% in the 3rd quarter. Janus Henderson Group PLC now owns 4,896,166 shares of the biotechnology company's stock worth $224,774,000 after buying an additional 1,239,323 shares in the last quarter. RA Capital Management L.P. increased its holdings in shares of Avidity Biosciences by 16.7% in the 3rd quarter. RA Capital Management L.P. now owns 6,300,408 shares of the biotechnology company's stock worth $289,378,000 after buying an additional 900,000 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. raised its position in shares of Avidity Biosciences by 2,263.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company's stock valued at $30,190,000 after buying an additional 707,773 shares in the last quarter.

Insider Transactions at Avidity Biosciences

In other news, insider W. Michael Flanagan sold 24,000 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total transaction of $858,480.00. Following the sale, the insider now owns 85,389 shares in the company, valued at $3,054,364.53. This trade represents a 21.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Arthur A. Levin sold 3,323 shares of the business's stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total transaction of $139,964.76. Following the completion of the transaction, the director now directly owns 14,830 shares in the company, valued at $624,639.60. This trade represents a 18.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 193,071 shares of company stock valued at $7,474,724 over the last three months. Corporate 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.