Avidity Biosciences (RNA) Projected to Post Earnings on Wednesday

Avidity Biosciences (NASDAQ:RNA) is anticipated to post its quarterly earnings results before the market opens on Wednesday, February 26th. Analysts expect Avidity Biosciences to post earnings of ($0.76) per share and revenue of $1.74 million for the quarter.

Avidity Biosciences Stock Performance

NASDAQ:RNA opened at $30.53 on Tuesday. Avidity Biosciences has a one year low of $14.10 and a one year high of $56.00. The business’s 50-day simple moving average is $31.17 and its 200 day simple moving average is $39.24. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of -10.60 and a beta of 1.00.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, CFO Michael F. Maclean sold 11,151 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $364,191.66. Following the completion of the sale, the chief financial officer now directly owns 82,942 shares of the company’s stock, valued at $2,708,885.72. This represents a 11.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sarah Boyce sold 31,855 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $1,040,384.30. Following the completion of the transaction, the chief executive officer now owns 265,308 shares in the company, valued at approximately $8,664,959.28. This trade represents a 10.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 129,138 shares of company stock valued at $4,229,012 over the last 90 days. 3.68% of the stock is currently owned by company 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.