Cantor Fitzgerald Issues Negative Outlook for RNA Earnings

Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) - Research analysts at Cantor Fitzgerald lowered their FY2025 EPS estimates for Avidity Biosciences in a report released on Monday, May 12th. Cantor Fitzgerald analyst E. Schmidt now expects that the biotechnology company will post earnings of ($4.46) per share for the year, down from their previous estimate of ($4.29). The consensus estimate for Avidity Biosciences' current full-year earnings is ($2.89) per share.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.88) by ($0.02). Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $1.60 million during the quarter, compared to analysts' expectations of $2.63 million.

Other equities research analysts also recently issued reports about the stock. Barclays dropped their price objective on shares of Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a report on Friday, February 28th. Bank of America reduced their price target on Avidity Biosciences from $51.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, March 10th. Chardan Capital reissued a "buy" rating and set a $65.00 price objective on shares of Avidity Biosciences in a report on Wednesday, May 7th. Citigroup started coverage on Avidity Biosciences in a report on Thursday, March 13th. They set a "buy" rating and a $70.00 target price for the company. Finally, BMO Capital Markets began coverage on shares of Avidity Biosciences in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $72.00 price objective for the company. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $66.38.

Avidity Biosciences Price Performance

Shares of NASDAQ RNA opened at $29.88 on Wednesday. The stock has a market capitalization of $3.60 billion, a PE ratio of -10.38 and a beta of 1.00. Avidity Biosciences has a one year low of $21.51 and a one year high of $56.00. The business's fifty day moving average price is $29.26 and its 200-day moving average price is $33.19.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Steven George Hughes sold 9,578 shares of Avidity Biosciences stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the completion of the sale, the insider now owns 72,850 shares of the company's stock, valued at $2,262,721. The trade was a 11.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sarah Boyce sold 31,540 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $31.06, for a total value of $979,632.40. Following the completion of the transaction, the chief executive officer now owns 305,871 shares of the company's stock, valued at $9,500,353.26. The trade was a 9.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 60,803 shares of company stock valued at $1,877,437. 3.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Avidity Biosciences

A number of large investors have recently modified their holdings of the company. TD Waterhouse Canada Inc. grew its position in Avidity Biosciences by 646.3% during the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 866 shares during the last quarter. Van ECK Associates Corp bought a new position in shares of Avidity Biosciences during the fourth quarter valued at about $38,000. Parallel Advisors LLC lifted its stake in shares of Avidity Biosciences by 43.3% in the 1st quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after acquiring an additional 515 shares during the last quarter. Headlands Technologies LLC bought a new position in Avidity Biosciences during the 4th quarter worth approximately $60,000. Finally, GF Fund Management CO. LTD. purchased a new position in Avidity Biosciences in the 4th quarter worth approximately $73,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.