Leerink Partnrs Issues Pessimistic Forecast for RNA Earnings

Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) - Stock analysts at Leerink Partnrs cut their FY2026 earnings per share (EPS) estimates for shares of Avidity Biosciences in a report released on Monday, June 9th. Leerink Partnrs analyst J. Schwartz now expects that the biotechnology company will post earnings per share of ($5.06) for the year, down from their prior forecast of ($5.03). The consensus estimate for Avidity Biosciences' current full-year earnings is ($2.89) per share.

A number of other equities analysts have also weighed in on RNA. HC Wainwright reduced their price objective on Avidity Biosciences from $72.00 to $68.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Citigroup lifted their price objective on Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday. Bank of America lifted their price objective on Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a research note on Monday. Needham & Company LLC reiterated a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Wednesday, April 9th. Finally, Scotiabank assumed coverage on Avidity Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $70.00 price target for the company. Fourteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Avidity Biosciences currently has a consensus rating of "Buy" and a consensus target price of $67.33.

Avidity Biosciences Price Performance

RNA traded up $0.13 on Thursday, reaching $32.14. 1,995,798 shares of the stock were exchanged, compared to its average volume of 1,432,903. The company's 50-day moving average price is $29.71 and its 200 day moving average price is $31.35. Avidity Biosciences has a fifty-two week low of $21.51 and a fifty-two week high of $56.00. The firm has a market capitalization of $3.87 billion, a PE ratio of -11.16 and a beta of 0.95.

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

Institutional Trading of Avidity Biosciences

Large investors have recently modified their holdings of the stock. TD Waterhouse Canada Inc. increased its holdings in Avidity Biosciences by 646.3% in the fourth quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock valued at $29,000 after buying an additional 866 shares during the last quarter. Van ECK Associates Corp purchased a new position in Avidity Biosciences in the fourth quarter valued at $38,000. Parallel Advisors LLC increased its holdings in Avidity Biosciences by 43.3% in the first quarter. Parallel Advisors LLC now owns 1,705 shares of the biotechnology company's stock valued at $50,000 after buying an additional 515 shares during the last quarter. Headlands Technologies LLC purchased a new position in Avidity Biosciences in the fourth quarter valued at $60,000. Finally, GF Fund Management CO. LTD. purchased a new position in Avidity Biosciences in the fourth quarter valued at $73,000.

Insider Activity at Avidity Biosciences

In other Avidity Biosciences news, insider Steven George Hughes sold 9,578 shares of the company's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $31.06, for a total transaction of $297,492.68. Following the transaction, the insider now directly owns 72,850 shares in the company, valued at $2,262,721. This represents a 11.62% 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, insider W. Michael Flanagan sold 20,000 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $32.88, for a total value of $657,600.00. Following the transaction, the insider now owns 80,195 shares in the company, valued at $2,636,811.60. This trade represents a 19.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,678 shares of company stock worth $2,725,857. Insiders own 3.83% of the company's stock.

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.