What is Chardan Capital’s Estimate for RNA FY2024 Earnings?

Avidity Biosciences, Inc. (NASDAQ:RNA) – Investment analysts at Chardan Capital reduced their FY2024 earnings per share estimates for Avidity Biosciences in a report released on Wednesday, December 18th. Chardan Capital analyst K. Nakae now expects that the biotechnology company will earn ($2.72) per share for the year, down from their previous estimate of ($2.66). Chardan Capital currently has a “Buy” rating and a $65.00 target price on the stock. The consensus estimate for Avidity Biosciences’ current full-year earnings is ($2.89) per share. Chardan Capital also issued estimates for Avidity Biosciences’ FY2025 earnings at ($2.93) EPS.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.14. 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 $2.34 million for the quarter, compared to the consensus estimate of $7.09 million.

Other equities research analysts have also recently issued research reports about the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $96.00 target price on shares of Avidity Biosciences in a research note on Monday, September 16th. Royal Bank of Canada began coverage on shares of Avidity Biosciences in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price objective for the company. HC Wainwright initiated coverage on shares of Avidity Biosciences in a research note on Friday, December 20th. They set a “buy” rating and a $72.00 target price on the stock. The Goldman Sachs Group began coverage on shares of Avidity Biosciences in a research note on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Finally, Barclays initiated coverage on shares of Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 price objective on the stock. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $64.36.

Avidity Biosciences Stock Down 0.9 %

RNA stock opened at $31.35 on Monday. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of -10.89 and a beta of 0.89. The company’s fifty day simple moving average is $42.07 and its 200 day simple moving average is $42.39. Avidity Biosciences has a 12-month low of $8.86 and a 12-month high of $56.00.

Insider Activity at Avidity Biosciences

In related news, insider W. Michael Flanagan sold 12,742 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $32.66, for a total transaction of $416,153.72. Following the sale, the insider now directly owns 72,647 shares in the company, valued at approximately $2,372,651.02. The trade was a 14.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 3,323 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $42.12, for a total value of $139,964.76. Following the sale, the director now directly owns 14,830 shares in the company, valued at $624,639.60. This trade represents a 18.31 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 193,071 shares of company stock worth $7,474,724. Company insiders own 3.68% of the company’s stock.

Institutional Investors Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its holdings in shares of Avidity Biosciences by 32.4% in the second quarter. Nisa Investment Advisors LLC now owns 4,399 shares of the biotechnology company’s stock worth $180,000 after purchasing an additional 1,076 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Avidity Biosciences by 46.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 363,953 shares of the biotechnology company’s stock valued at $14,867,000 after acquiring an additional 115,676 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Avidity Biosciences by 48.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,277 shares of the biotechnology company’s stock valued at $910,000 after acquiring an additional 7,258 shares during the last quarter. nVerses Capital LLC grew its holdings in shares of Avidity Biosciences by 25.9% during the second quarter. nVerses Capital LLC now owns 3,400 shares of the biotechnology company’s stock worth $139,000 after purchasing an additional 700 shares in the last quarter. Finally, Privium Fund Management B.V. increased its position in shares of Avidity Biosciences by 176.6% in the second quarter. Privium Fund Management B.V. now owns 22,242 shares of the biotechnology company’s stock worth $863,000 after purchasing an additional 14,200 shares during 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.