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

Avidity Biosciences, Inc. (NASDAQ:RNA) – Research analysts at Chardan Capital dropped their FY2024 earnings per share estimates for shares of Avidity Biosciences in a research note issued on Wednesday, December 18th. Chardan Capital analyst K. Nakae now forecasts that the biotechnology company will post earnings of ($2.72) per share for the year, down from their previous estimate of ($2.66). Chardan Capital has a “Buy” rating and a $65.00 price target 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.

A number of other research analysts also recently commented on the company. The Goldman Sachs Group began coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a research note on Monday, September 16th. Royal Bank of Canada initiated coverage on shares of Avidity Biosciences in a report on Tuesday, November 26th. They issued an “outperform” rating and a $67.00 price target on the stock. Finally, TD Cowen raised their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 21st. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $64.36.

Avidity Biosciences Price Performance

NASDAQ:RNA opened at $31.64 on Monday. Avidity Biosciences has a 1-year low of $8.86 and a 1-year high of $56.00. The stock has a market cap of $3.77 billion, a P/E ratio of -10.99 and a beta of 0.89. The firm has a 50-day moving average of $42.38 and a two-hundred day moving average of $42.35.

Avidity Biosciences (NASDAQ:RNA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of RNA. PEAK6 Investments LLC increased its holdings in shares of Avidity Biosciences by 4.9% in the third quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock valued at $337,000 after buying an additional 343 shares in the last quarter. Arizona State Retirement System raised its position in shares of Avidity Biosciences by 2.1% during the second quarter. Arizona State Retirement System now owns 19,965 shares of the biotechnology company’s stock worth $816,000 after purchasing an additional 405 shares during the period. National Bank of Canada FI acquired a new position in shares of Avidity Biosciences in the 3rd quarter valued at $27,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Avidity Biosciences in the 3rd quarter valued at $30,000. Finally, Values First Advisors Inc. purchased a new position in Avidity Biosciences in the 3rd quarter worth about $32,000.

Insider Activity

In related news, Director Tamar Thompson sold 30,000 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $44.98, for a total value of $1,349,400.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider W. Michael Flanagan sold 12,742 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $32.66, for a total transaction of $416,153.72. Following the transaction, the insider now directly owns 72,647 shares of the company’s stock, valued at $2,372,651.02. The trade was a 14.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 193,071 shares of company stock valued at $7,474,724. Company insiders own 3.68% 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.