FY2024 EPS Estimates for RNA Decreased by Cantor Fitzgerald

Avidity Biosciences, Inc. (NASDAQ:RNA) – Research analysts at Cantor Fitzgerald cut their FY2024 earnings per share (EPS) estimates for Avidity Biosciences in a report released 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 prior estimate of ($2.53). Cantor Fitzgerald has a “Overweight” rating and a $96.00 price objective on the stock. The consensus estimate for Avidity Biosciences’ current full-year earnings is ($2.90) per share.

RNA has been the subject of a number of other reports. TD Cowen boosted their price target on Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Chardan Capital reissued a “buy” rating and issued a $65.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Barclays initiated coverage on Avidity Biosciences in a report on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price target for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Avidity Biosciences in a report on Wednesday, November 13th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $63.22.

Avidity Biosciences Stock Performance

RNA opened at $42.18 on Monday. The business’s fifty day moving average is $45.26 and its two-hundred day moving average is $40.42. The company has a market cap of $5.03 billion, a price-to-earnings ratio of -14.65 and a beta of 0.91. Avidity Biosciences has a one year low of $5.68 and a one year high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its 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. The company had revenue of $2.34 million for 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%.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNA. Janney Montgomery Scott LLC acquired a new stake in Avidity Biosciences during the first quarter worth about $221,000. Swiss National Bank boosted its position in shares of Avidity Biosciences by 20.5% in the first quarter. Swiss National Bank now owns 140,800 shares of the biotechnology company’s stock worth $3,593,000 after buying an additional 24,000 shares during the period. Sei Investments Co. boosted its position in shares of Avidity Biosciences by 15.4% in the first quarter. Sei Investments Co. now owns 36,635 shares of the biotechnology company’s stock worth $935,000 after buying an additional 4,881 shares during the period. ProShare Advisors LLC boosted its position in shares of Avidity Biosciences by 11.2% in the first quarter. ProShare Advisors LLC now owns 18,878 shares of the biotechnology company’s stock worth $482,000 after buying an additional 1,898 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Avidity Biosciences by 4.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock worth $541,000 after buying an additional 920 shares during the period.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the completion of the sale, the insider now directly owns 94,018 shares in the company, valued at $4,561,753.36. This represents a 21.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sarah Boyce sold 32,880 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the sale, the chief executive officer now owns 234,663 shares of the company’s stock, valued at $10,325,172. This represents a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 122,543 shares of company stock worth $5,556,092. 3.68% of the stock is currently owned by insiders.

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.