Shares of Avidity Biosciences, Inc. (RNA) plummeted by 5.48% on Wednesday after the biotech company reported lackluster third-quarter earnings results that fell short of Wall Street's expectations.
According to the company's earnings release, Avidity Biosciences reported an adjusted loss of $0.65 per share for the third quarter, wider than the average analyst estimate of a $0.71 loss per share. Revenue for the quarter came in at $2.34 million, significantly lower than the consensus forecast of $4.27 million.
The disappointing financial performance weighed heavily on investor sentiment, as Avidity Biosciences' shares faced selling pressure throughout the trading day. Analysts expressed concerns over the company's ability to meet its growth targets, citing the revenue shortfall as a potential red flag.
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