Avidity Biosciences (NASDAQ:RNA) Shares Pass Below 200-Day Moving Average - Time to Sell?

Key Points

• Avidity Biosciences shares fell below their 200-day moving average, trading around $12.22 versus a 200-day average of $32.92, which highlights continued weakness in the stock.
• Analyst sentiment is mixed but leans cautious: the stock has an average rating of “Hold” with a consensus price target of $67.60, though recent actions included new overweight/outperform coverage as well as hold and sell-related ratings.
• Recent earnings beat estimates, but fundamentals remain weak, with Q1 EPS of -$0.97 versus expected -$1.05 and revenue of $19.64 million far above forecasts, yet the company still posted large losses and negative margins.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s share price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $32.92 and traded as low as $12.21. Avidity Biosciences shares last traded at $12.22, with a volume of 178,866 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Cantor Fitzgerald started coverage on Avidity Biosciences in a research report on Thursday, June 18th. They issued an "overweight" rating and a $25.00 target price on the stock. Leerink Partners initiated coverage on Avidity Biosciences in a research report on Friday, May 15th. They set an "outperform" rating for the company. Zacks Research raised Avidity Biosciences to a "hold" rating in a research note on Friday, June 19th. Weiss Ratings downgraded Avidity Biosciences from a "sell (d-)" rating to a "sell (e-)" rating in a report on Friday, May 22nd. Finally, HC Wainwright reiterated a "neutral" rating on shares of Avidity Biosciences in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Avidity Biosciences currently has an average rating of "Hold" and a consensus price target of $67.60.

Avidity Biosciences Stock Down 1.9%

The business has a 50-day moving average price of $12.84 and a two-hundred day moving average price of $32.92. The firm has a market cap of $209.04 million, a PE ratio of -2.46 and a beta of 0.93.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.05) by $0.08. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The business had revenue of $19.64 million for the quarter, compared to analysts' expectations of $2.00 million. On average, equities research analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

A number of hedge funds have recently bought and sold shares of the stock. Allworth Financial LP grew its position in shares of Avidity Biosciences by 22.8% during the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company's stock worth $37,000 after buying an additional 159 shares in the last quarter. Fort Point Capital Partners LLC raised its holdings in Avidity Biosciences by 0.6% in the third quarter. Fort Point Capital Partners LLC now owns 31,278 shares of the biotechnology company's stock valued at $1,363,000 after acquiring an additional 183 shares in the last quarter. GF Fund Management CO. LTD. lifted its position in shares of Avidity Biosciences by 7.0% during the 4th quarter. GF Fund Management CO. LTD. now owns 2,961 shares of the biotechnology company's stock worth $214,000 after purchasing an additional 193 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Avidity Biosciences by 10.5% during the fourth quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company's stock worth $178,000 after purchasing an additional 234 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in Avidity Biosciences by 426.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company's stock valued at $35,000 after buying an additional 397 shares during 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.

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