Avidity Biosciences (NASDAQ:RNA) Share Price Passes Below Two Hundred Day Moving Average - Here's Why

Key Points

• Avidity Biosciences shares fell below their 200-day moving average of $12.93, trading as low as $9.44 and last changing hands at $9.56.
• Analyst sentiment is mixed but leans toward “Hold”: one analyst rates the stock Strong Buy, three Buy, eleven Hold, and one Sell. HC Wainwright and Cantor Fitzgerald set $25 price targets, while MarketBeat lists a consensus target of $63.75.
• The company reported a quarterly loss of $1.18 per share, better than the expected $1.42 loss, and revenue of $3 million versus estimates of $670,000. Avidity remains unprofitable, with analysts forecasting a full-year loss of $5.08 per share.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $12.93 and traded as low as $9.44. Avidity Biosciences shares last traded at $9.56, with a volume of 569,617 shares trading hands.

Analysts Set New Price Targets

Several analysts recently commented on RNA shares. Weiss Ratings raised Avidity Biosciences from a "sell (e-)" rating to a "sell (e)" rating in a report on Monday, August 3rd. Wall Street Zen raised Avidity Biosciences from a "sell" rating to a "hold" rating in a report on Saturday, May 30th. HC Wainwright reissued a "buy" rating and issued a $25.00 target price on shares of Avidity Biosciences in a research report on Friday, August 14th. Cantor Fitzgerald assumed coverage on Avidity Biosciences in a research note on Thursday, June 18th. They set an "overweight" rating and a $25.00 price target for the company. Finally, Zacks Research raised shares of Avidity Biosciences to a "hold" rating in a research report on Friday, June 19th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $63.75.

Avidity Biosciences Stock Performance

The firm has a market cap of $163.57 million and a P/E ratio of -4.45. The firm's fifty day simple moving average is $12.25 and its 200 day simple moving average is $12.93.

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 analysts' consensus estimates of ($1.42) by $0.24. The business had revenue of $3.00 million during the quarter, compared to analysts' expectations of $0.67 million. On average, equities research analysts predict that Avidity Biosciences, Inc. will post -5.08 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Avidity Biosciences in the fourth quarter valued at about $219,736,000. P Schoenfeld Asset Management LP bought a new position in shares of Avidity Biosciences during the 4th quarter worth approximately $6,109,000. Sculptor Capital LP purchased a new position in Avidity Biosciences in the fourth quarter worth $40,826,000. Sand Grove Capital Management LLP purchased a new position in Avidity Biosciences in the fourth quarter worth $23,919,000. Finally, Highbridge Capital Management LLC acquired a new position in shares of Avidity Biosciences during the fourth quarter worth $42,236,000.

Avidity Biosciences Company Profile

Avidity Biosciences, Inc is a biopharmaceutical company focused on developing RNA therapeutics for diseases that have historically been difficult to treat with conventional drug-delivery methods. Founded in 2012 and headquartered in San Diego, California, the company develops medicines intended to address genetic disorders, with an emphasis on diseases affecting muscles.

Avidity's proprietary Antibody Oligonucleotide Conjugate (AOC) platform combines the targeting capabilities of monoclonal antibodies with the gene-modifying potential of oligonucleotides, including small interfering RNA and antisense oligonucleotides.

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