Avidity Biosciences (NASDAQ:RNA) Issues Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Avidity Biosciences (NASDAQ:RNA) posted its quarterly earnings results on Thursday. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.04), Zacks reports. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%.

Avidity Biosciences Stock Down 1.9 %

RNA stock traded down $0.57 during midday trading on Thursday, hitting $29.08. The company’s stock had a trading volume of 1,099,143 shares, compared to its average volume of 1,331,301. Avidity Biosciences has a 12 month low of $14.75 and a 12 month high of $56.00. The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of -10.10 and a beta of 1.00. The company has a 50 day moving average of $31.07 and a two-hundred day moving average of $39.05.

Insider Activity

In other news, insider W. Michael Flanagan sold 24,000 shares of the firm’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $35.77, for a total transaction of $858,480.00. Following the transaction, the insider now owns 85,389 shares in the company, valued at approximately $3,054,364.53. This trade represents a 21.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kathleen P. Gallagher sold 5,875 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $32.16, for a total value of $188,940.00. Following the transaction, the insider now owns 50,554 shares in the company, valued at approximately $1,625,816.64. This represents a 10.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 129,138 shares of company stock worth $4,229,012. 3.68% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RNA. Chardan Capital restated a “buy” rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday, November 13th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Avidity Biosciences in a report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and issued a $72.00 target price on shares of Avidity Biosciences in a research report on Friday, January 10th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $67.00 target price on shares of Avidity Biosciences in a research note on Tuesday, January 21st. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $65.80.

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.