Avidity Biosciences (NASDAQ:RNA) Share Price Crosses Below Two Hundred Day Moving Average - Should You Sell?

Key Points

• Avidity Biosciences shares fell below their 200-day moving average of $12.37, trading as low as $7.78 and recently changing hands near $7.99.
• Analyst sentiment is mixed but averages a “Hold” rating; the consensus price target is $63.75, while HC Wainwright and Cantor Fitzgerald set $25 targets.
• The company exceeded quarterly expectations with a loss of $1.18 per share versus the estimated $1.42 loss and revenue of $3.0 million versus the $0.67 million forecast, though analysts expect a full-year loss of $5.08 per share.

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) crossed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $12.37 and traded as low as $7.78. Avidity Biosciences shares last traded at $7.99, with a volume of 411,683 shares traded.

Analysts Set New Price Targets

RNA has been the topic of a number of recent research reports. HC Wainwright reiterated a "buy" rating and issued a $25.00 price objective on shares of Avidity Biosciences in a research report on Friday, August 14th. Weiss Ratings upgraded Avidity Biosciences from a "sell (e-)" rating to a "sell (e)" rating in a research report on Monday, August 3rd. Zacks Research raised Avidity Biosciences to a "hold" rating in a research note on Friday, June 19th. Finally, Cantor Fitzgerald began coverage on Avidity Biosciences in a report on Thursday, June 18th. They issued an "overweight" rating and a $25.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $63.75.

Avidity Biosciences Trading Up 0.3%

The firm has a market cap of $136.71 million and a P/E ratio of -3.72. The firm's 50 day moving average is $11.31 and its two-hundred day moving average is $12.37.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The biotechnology company reported ($1.18) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.24. The business had revenue of $3.00 million for the quarter, compared to analyst estimates of $0.67 million. Analysts predict that Avidity Biosciences, Inc. will post -5.08 EPS for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

Large investors have recently made changes to their positions in the stock. P Schoenfeld Asset Management LP bought a new stake in Avidity Biosciences in the 4th quarter valued at $6,109,000. Sculptor Capital LP bought a new position in Avidity Biosciences during the 4th quarter worth about $40,826,000. Sand Grove Capital Management LLP bought a new position in Avidity Biosciences during the 4th quarter worth about $23,919,000. Crcm LP acquired a new stake in shares of Avidity Biosciences in the 4th quarter valued at about $14,597,000. Finally, Oddo BHF Asset Management Sas acquired a new stake in shares of Avidity Biosciences in the 4th quarter valued at about $27,229,000.

About Avidity Biosciences

Avidity Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing genetic medicines for diseases that have historically been difficult to treat with conventional approaches. The company's technology platform, known as Antibody Oligonucleotide Conjugates (AOCs), combines the targeting capabilities of antibodies with oligonucleotide-based medicines designed to act on RNA inside specific cells.

Avidity's research programs are primarily directed at serious muscle diseases, including myotonic dystrophy type 1, facioscapulohumeral muscular dystrophy and Duchenne muscular dystrophy.

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