FY2027 Earnings Forecast for RNA Issued By Leerink Partnrs

Key Points

• Leerink Partnrs estimates a significant decline in Avidity Biosciences' FY2027 earnings, projecting a loss of ($4.01) per share, compared to the current consensus estimate of ($2.89) per share.
• Avidity Biosciences recently reported earnings of ($0.90) per share for the last quarter, which was below expectations, and reported revenue significantly lower than anticipated at $1.60 million.
• Seventeen analysts maintain a **"Buy"** rating on Avidity Biosciences, with a consensus price target of $67.00 per share, despite recent stock price fluctuations and insider selling activities.

Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) - Equities researchers at Leerink Partnrs issued their FY2027 EPS estimates for Avidity Biosciences in a research note issued on Thursday, August 7th. Leerink Partnrs analyst J. Schwartz forecasts that the biotechnology company will post earnings of ($4.01) per share for the year. The consensus estimate for Avidity Biosciences' current full-year earnings is ($2.89) per share.

Other research analysts have also recently issued reports about the stock. Bank of America boosted their target price on shares of Avidity Biosciences from $48.00 to $54.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $96.00 target price on shares of Avidity Biosciences in a research note on Friday, June 27th. Citigroup boosted their target price on shares of Avidity Biosciences from $70.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Barclays reiterated an "overweight" rating and issued a $62.00 target price (up from $59.00) on shares of Avidity Biosciences in a research note on Friday, August 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Avidity Biosciences from $57.00 to $59.00 and gave the company an "overweight" rating in a research note on Tuesday, June 10th. Seventeen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $67.00.

Avidity Biosciences Stock Up 0.6%

Avidity Biosciences stock traded up $0.27 during midday trading on Monday, hitting $46.34. 684,784 shares of the stock were exchanged, compared to its average volume of 1,824,210. Avidity Biosciences has a 52-week low of $21.51 and a 52-week high of $56.00. The stock has a market capitalization of $5.96 billion, a price-to-earnings ratio of -15.50 and a beta of 0.95. The business's 50-day moving average price is $34.19 and its 200-day moving average price is $31.71.

Insiders Place Their Bets

In other Avidity Biosciences news, insider Eric Mosbrooker sold 130,807 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $44.06, for a total value of $5,763,356.42. Following the sale, the insider directly owned 55,000 shares in the company, valued at $2,423,300. This represents a 70.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven George Hughes sold 81,434 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $42.74, for a total transaction of $3,480,489.16. Following the completion of the transaction, the insider directly owned 38,867 shares in the company, valued at $1,661,175.58. The trade was a 67.69% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 443,826 shares of company stock worth $19,597,686. Company insiders own 3.83% of the company's stock.

Institutional Trading of Avidity Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in RNA. LPL Financial LLC raised its position in shares of Avidity Biosciences by 273.9% during the 4th quarter. LPL Financial LLC now owns 16,726 shares of the biotechnology company's stock valued at $486,000 after buying an additional 12,253 shares in the last quarter. Legal & General Group Plc raised its position in shares of Avidity Biosciences by 7.3% during the 4th quarter. Legal & General Group Plc now owns 102,100 shares of the biotechnology company's stock valued at $2,969,000 after buying an additional 6,937 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Avidity Biosciences by 48.8% during the 4th quarter. Renaissance Technologies LLC now owns 211,200 shares of the biotechnology company's stock valued at $6,142,000 after buying an additional 69,300 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Avidity Biosciences during the 4th quarter valued at $5,784,000. Finally, Summit Investment Advisors Inc. raised its position in shares of Avidity Biosciences by 6.1% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,611 shares of the biotechnology company's stock valued at $338,000 after buying an additional 666 shares in the last quarter.

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.