Avidity Biosciences (NASDAQ:RNA) Shares Pass Below Two Hundred Day Moving Average – Here’s Why

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $30.39 and traded as low as $11.61. Avidity Biosciences shares last traded at $12.29, with a volume of 181,862 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RNA. Weiss Ratings downgraded Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. Cantor Fitzgerald started coverage on Avidity Biosciences in a research note on Thursday, June 18th. They issued an “overweight” rating and a $25.00 price objective on the stock. Leerink Partners initiated coverage on shares of Avidity Biosciences in a report on Friday, May 15th. They set an “outperform” rating on the stock. HC Wainwright reaffirmed a “neutral” rating on shares of Avidity Biosciences in a report on Friday, May 1st. Finally, Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Avidity Biosciences has an average rating of “Hold” and a consensus target price of $67.60.

Avidity Biosciences Stock Down 2.1%

The business’s 50-day moving average price is $12.71 and its 200 day moving average price is $29.96. The company has a market capitalization of $203.73 million, a P/E ratio of -2.40 and a beta of 0.93.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.08. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. The business had revenue of $19.64 million for the quarter, compared to analyst estimates of $2.00 million. Analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RNA. EFG International AG purchased a new position in Avidity Biosciences during the fourth quarter worth about $33,000. Los Angeles Capital Management LLC purchased a new stake in shares of Avidity Biosciences in the 4th quarter valued at about $34,000. Smartleaf Asset Management LLC boosted its position in shares of Avidity Biosciences by 426.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock valued at $35,000 after acquiring an additional 397 shares during the last quarter. Allworth Financial LP boosted its position in shares of Avidity Biosciences by 22.8% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 159 shares during the last quarter. Finally, Osaic Holdings Inc. grew its holdings in shares of Avidity Biosciences by 1,659.1% during the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock worth $48,000 after purchasing an additional 1,543 shares in the last quarter.

Avidity Biosciences Company Profile

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.