What is Chardan Capital’s Estimate for RNA FY2024 Earnings?

Avidity Biosciences, Inc. (NASDAQ:RNA) – Equities researchers at Chardan Capital reduced their FY2024 earnings per share estimates for shares of Avidity Biosciences in a note issued to investors on Wednesday, December 18th. Chardan Capital analyst K. Nakae now anticipates that the biotechnology company will earn ($2.72) per share for the year, down from their prior forecast of ($2.66). Chardan Capital currently has a “Buy” rating and a $65.00 price target 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.

A number of other analysts have also issued reports on RNA. 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. 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. Barclays assumed coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price target for the company. The Goldman Sachs Group initiated coverage on shares of Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target on the stock. Finally, HC Wainwright began coverage on Avidity Biosciences in a report on Friday. They set a “buy” rating and a $72.00 price objective for the company. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $64.36.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA opened at $31.82 on Monday. The company has a market cap of $3.80 billion, a PE ratio of -11.05 and a beta of 0.89. The company has a 50-day simple moving average of $42.38 and a 200-day simple moving average of $42.25. Avidity Biosciences has a 12 month low of $8.49 and a 12 month high of $56.00.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. The firm had revenue of $2.34 million for the quarter, compared to analyst estimates 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

Institutional investors and hedge funds have recently bought and sold shares of the business. Lord Abbett & CO. LLC grew its stake in Avidity Biosciences by 30.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 539,207 shares of the biotechnology company’s stock worth $24,766,000 after buying an additional 124,867 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Avidity Biosciences by 229.9% during the third quarter. Franklin Resources Inc. now owns 73,047 shares of the biotechnology company’s stock valued at $3,412,000 after acquiring an additional 50,908 shares during the period. Tidal Investments LLC bought a new position in shares of Avidity Biosciences during the third quarter worth about $407,000. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Avidity Biosciences by 43.6% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 29,965 shares of the biotechnology company’s stock worth $1,376,000 after acquiring an additional 9,098 shares during the period. Finally, Neo Ivy Capital Management bought a new stake in Avidity Biosciences in the 3rd quarter valued at about $762,000.

Insider Activity

In related news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total value of $1,213,000.00. Following the completion of the transaction, the insider now directly owns 94,018 shares in the company, valued at approximately $4,561,753.36. This trade represents a 21.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Tamar Thompson sold 30,000 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $44.98, for a total value of $1,349,400.00. The disclosure for this sale can be found here. In the last three months, insiders sold 193,071 shares of company stock worth $7,474,724. 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.