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

Key Points

• Avidity Biosciences shares fell below their 200-day moving average, trading as low as $13.20 versus the $17.70 average, with the latest price at $13.77.
• Analyst sentiment is mixed but leans toward “Hold”: the consensus rating is Hold, while the average price target is $63.85; Cantor Fitzgerald issued an Overweight rating with a $25 target.
• The biotech reported a quarterly loss of $1.18 per share, better than the expected $1.42 loss, and revenue of $3 million versus $0.67 million expected. Analysts nevertheless forecast a full-year loss of $5.08 per share.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s share price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $17.70 and traded as low as $13.20. Avidity Biosciences shares last traded at $13.77, with a volume of 178,348 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RNA. Wall Street Zen raised Avidity Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday, May 30th. Weiss Ratings raised Avidity Biosciences from a "sell (e-)" rating to a "sell (e)" rating in a research report on Monday, August 3rd. Zacks Research upgraded Avidity Biosciences to a "hold" rating in a research report on Friday, June 19th. Cantor Fitzgerald initiated coverage on Avidity Biosciences in a research note on Thursday, June 18th. They issued an "overweight" rating and a $25.00 price objective for the company. Finally, Leerink Partners initiated coverage on Avidity Biosciences in a research note on Friday, May 15th. They set an "outperform" rating on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $63.85.

Avidity Biosciences Stock Performance

The company's 50-day simple moving average is $12.65 and its 200 day simple moving average is $17.70. The company has a market cap of $235.60 million and a PE ratio of -6.40.

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

Hedge Funds Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in RNA. EFG International AG acquired a new stake in Avidity Biosciences in the fourth quarter valued at approximately $33,000. Los Angeles Capital Management LLC purchased a new position in Avidity Biosciences in the fourth quarter worth approximately $34,000. Smartleaf Asset Management LLC grew its holdings in Avidity Biosciences by 426.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company's stock worth $35,000 after acquiring an additional 397 shares in the last quarter. Osaic Holdings Inc. grew its holdings in Avidity Biosciences by 1,659.1% during the 2nd quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company's stock worth $48,000 after acquiring an additional 1,543 shares in the last quarter. Finally, Comerica Bank increased its position in shares of Avidity Biosciences by 75.9% in the 3rd quarter. Comerica Bank now owns 1,335 shares of the biotechnology company's stock valued at $58,000 after purchasing an additional 576 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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