Q3 2024 EPS Estimates for Avidity Biosciences, Inc. (NASDAQ:RNA) Raised by Leerink Partnrs

Avidity Biosciences, Inc. (NASDAQ:RNA) – Stock analysts at Leerink Partnrs upped their Q3 2024 earnings per share (EPS) estimates for Avidity Biosciences in a research note issued to investors on Monday, August 12th. Leerink Partnrs analyst J. Schwartz now anticipates that the biotechnology company will post earnings per share of ($0.83) for the quarter, up from their previous estimate of ($0.95). The consensus estimate for Avidity Biosciences’ current full-year earnings is ($3.15) per share. Leerink Partnrs also issued estimates for Avidity Biosciences’ Q4 2024 earnings at ($0.87) EPS, FY2024 earnings at ($3.15) EPS, Q1 2025 earnings at ($0.88) EPS, Q2 2025 earnings at ($0.90) EPS, Q3 2025 earnings at ($0.92) EPS, Q4 2025 earnings at ($0.93) EPS, FY2025 earnings at ($3.63) EPS and FY2026 earnings at ($4.23) EPS.

Several other brokerages have also issued reports on RNA. Bank of America raised their price objective on Avidity Biosciences from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Chardan Capital increased their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Tuesday. Finally, Evercore ISI increased their target price on shares of Avidity Biosciences from $45.00 to $54.00 and gave the stock an “outperform” rating in a research note on Monday. Six investment 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 $54.83.

Avidity Biosciences Stock Performance

Shares of RNA stock opened at $45.49 on Wednesday. The stock’s 50-day moving average is $41.43 and its two-hundred day moving average is $28.87. The firm has a market cap of $4.35 billion, a price-to-earnings ratio of -15.42 and a beta of 0.90. Avidity Biosciences has a 1 year low of $4.82 and a 1 year high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) EPS for the quarter, beating the consensus estimate of ($0.76) by $0.11. The firm had revenue of $2.05 million for the quarter, compared to analyst estimates of $7.09 million. Avidity Biosciences had a negative return on equity of 40.96% and a negative net margin of 2,381.82%.

Insider Activity at Avidity Biosciences

In related news, Director Arthur A. Levin sold 5,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $29.90, for a total value of $149,500.00. Following the completion of the sale, the director now owns 14,830 shares in the company, valued at $443,417. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Arthur A. Levin sold 5,000 shares of Avidity Biosciences stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $29.90, for a total transaction of $149,500.00. Following the completion of the sale, the director now directly owns 14,830 shares in the company, valued at approximately $443,417. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sarah Boyce sold 28,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $43.35, for a total transaction of $1,213,800.00. Following the transaction, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at $8,888,614.05. The disclosure for this sale can be found here. Insiders sold a total of 407,478 shares of company stock worth $15,370,990 over the last 90 days. Company insiders own 3.68% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Arizona State Retirement System grew its stake in Avidity Biosciences by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after acquiring an additional 405 shares during the period. nVerses Capital LLC grew its stake in shares of Avidity Biosciences by 25.9% during the 2nd quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock valued at $139,000 after buying an additional 700 shares during the period. State Board of Administration of Florida Retirement System grew its stake in shares of Avidity Biosciences by 4.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock valued at $541,000 after buying an additional 920 shares during the period. Amalgamated Bank grew its stake in shares of Avidity Biosciences by 39.0% during the 2nd quarter. Amalgamated Bank now owns 3,497 shares of the biotechnology company’s stock valued at $143,000 after buying an additional 982 shares during the period. Finally, Los Angeles Capital Management LLC grew its stake in shares of Avidity Biosciences by 1.7% during the 4th quarter. Los Angeles Capital Management LLC now owns 60,287 shares of the biotechnology company’s stock valued at $546,000 after buying an additional 1,030 shares during the period.

Avidity Biosciences Company Profile

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.