Avidity Biosciences (NASDAQ:RNA) Stock Passes Below 200 Day Moving Average – Should You Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $15.18 and traded as low as $10.34. Avidity Biosciences shares last traded at $10.51, with a volume of 690,299 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Leerink Partners began coverage on Avidity Biosciences in a research note on Friday, May 15th. They issued an “outperform” rating for the company. Zacks Research raised shares of Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. Weiss Ratings raised shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research report on Monday, August 3rd. Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a report on Thursday, June 18th. They set an “overweight” rating and a $25.00 price target for the company. Finally, HC Wainwright restated a “buy” rating and issued a $25.00 price target on shares of Avidity Biosciences in a research report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Avidity Biosciences presently has a consensus rating of “Hold” and a consensus price target of $63.85.

Avidity Biosciences Stock Up 0.1%

The firm has a 50 day moving average of $12.58 and a 200 day moving average of $14.74. The firm has a market cap of $177.26 million and a price-to-earnings ratio of -4.82.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.24. The business had revenue of $3.00 million during the quarter, compared to analyst estimates of $0.67 million. Equities analysts expect that Avidity Biosciences, Inc. will post -5.08 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Smartleaf Asset Management LLC raised its holdings in shares of Avidity Biosciences by 426.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 397 shares during the period. EFG International AG acquired a new stake in shares of Avidity Biosciences in the 4th quarter valued at about $33,000. California State Teachers Retirement System grew its stake in shares of Avidity Biosciences by 0.5% in the 2nd quarter. California State Teachers Retirement System now owns 90,258 shares of the biotechnology company’s stock valued at $2,563,000 after buying an additional 466 shares during the period. Los Angeles Capital Management LLC bought a new stake in Avidity Biosciences in the 4th quarter valued at about $34,000. Finally, Guggenheim Capital LLC increased its position in Avidity Biosciences by 1.6% in the 2nd quarter. Guggenheim Capital LLC now owns 32,602 shares of the biotechnology company’s stock valued at $926,000 after buying an additional 519 shares in the last quarter.

About Avidity Biosciences

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.