Avidity Biosciences (NASDAQ:RNA) Shares Cross Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Avidity Biosciences shares fell below their 200-day moving average of $12.61, trading as low as $8.05 before closing at $8.42 on volume of approximately 505,000 shares.
• Analyst sentiment was mixed, with the stock carrying an overall “Hold” rating and an average price target of $63.75. Individual firms issued ratings ranging from Sell to Overweight/Buy, including $25 targets from Cantor Fitzgerald and HC Wainwright.
• The company reported a quarterly loss of $1.18 per share, better than the expected $1.42 loss, while revenue of $3.0 million exceeded the $0.67 million consensus estimate. Analysts expect a full-year loss of $5.08 per share.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) shares crossed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $12.61 and traded as low as $8.05. Avidity Biosciences shares last traded at $8.42, with a volume of 504,913 shares.

Analysts Set New Price Targets

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

Avidity Biosciences Stock Performance

The company's 50-day moving average price is $11.75 and its 200-day moving average price is $12.61. The firm has a market capitalization of $144.07 million and a PE ratio of -3.92.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last posted its earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) 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 analysts' expectations of $0.67 million. As a group, analysts anticipate that Avidity Biosciences, Inc. will post -5.08 earnings per share for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors have recently added to or reduced their stakes in the business. Clearstead Advisors LLC purchased a new position in Avidity Biosciences in the fourth quarter valued at approximately $72,000. Longfellow Investment Management Co. LLC purchased a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $77,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of Avidity Biosciences in the 4th quarter valued at $200,000. Hunting Hill Global Capital LLC acquired a new position in shares of Avidity Biosciences in the 4th quarter valued at $212,000. Finally, BIT Capital GmbH purchased a new position in shares of Avidity Biosciences in the 4th quarter valued at $216,000.

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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