Avidity Biosciences (NASDAQ:RNA) Issues Quarterly Earnings Results, Misses Expectations By $0.39 EPS

Avidity Biosciences (NASDAQ:RNA) posted its earnings results on Thursday. The biotechnology company reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.81) by ($0.39), reports. The firm had revenue of $15.32 million during the quarter, compared to analysts’ expectations of $15.00 million.

Avidity Biosciences Price Performance

Shares of NASDAQ:RNA traded down $0.46 during midday trading on Thursday, reaching $7.50. 294,717 shares of the company’s stock were exchanged, compared to its average volume of 216,282. Avidity Biosciences has a fifty-two week low of $7.49 and a fifty-two week high of $16.77. The stock has a market cap of $128.32 million and a price-to-earnings ratio of -3.49. The firm’s 50 day simple moving average is $8.79 and its two-hundred day simple moving average is $18.57.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Weiss Ratings raised shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, August 3rd. HC Wainwright reduced their target price on Avidity Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, October 28th. Finally, Roth Capital began coverage on Avidity Biosciences in a research report on Thursday, October 22nd. They issued a “buy” rating and a $15.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

About Avidity Biosciences

Avidity Biosciences is a biotechnology company focused on developing RNA-based medicines for diseases that affect muscle. Its Antibody Oligonucleotide Conjugate (AOC) platform combines antibodies with oligonucleotides to help deliver RNA-targeting treatments into muscle cells. The company’s research and clinical pipeline has included programs for neuromuscular disorders such as myotonic dystrophy type 1 and Duchenne muscular dystrophy. Avidity was founded in 2012 and is based in San Diego, California.