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

Key Points

• Avidity Biosciences shares fell below their 200-day moving average, trading as low as $10.34 versus the $15.18 average, and last changed hands at $10.51.
• Analyst sentiment is mixed but leans cautious: the stock carries an average “Hold” rating from MarketBeat, despite an average price target of $63.85 and a $25 target from HC Wainwright.
• The clinical-stage biotech reported a quarterly loss of $1.18 per share, narrower than the expected $1.42 loss, while revenue of $3 million exceeded estimates; analysts expect a full-year loss of $5.08 per share.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s share price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $15.18 and traded as low as $10.34. Avidity Biosciences shares last traded at $10.51, with a volume of 690,299 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Wall Street Zen upgraded shares of Avidity Biosciences from a "sell" rating to a "hold" rating in a report on Saturday, May 30th. Weiss Ratings raised shares of Avidity Biosciences from a "sell (e-)" rating to a "sell (e)" rating in a research note on Monday, August 3rd. Leerink Partners assumed coverage on Avidity Biosciences in a report on Friday, May 15th. They set an "outperform" rating for the company. HC Wainwright reissued a "buy" rating and issued a $25.00 price target on shares of Avidity Biosciences in a research note on Friday, August 14th. Finally, Zacks Research upgraded Avidity Biosciences to a "hold" rating in a report on Friday, June 19th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $63.85.

Avidity Biosciences Stock Performance

The company has a fifty day moving average price of $12.64 and a two-hundred day moving average price of $15.18. The company has a market cap of $179.78 million and a P/E ratio of -4.89.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its quarterly 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 company had revenue of $3.00 million for the quarter, compared to analyst estimates of $0.67 million. Research analysts anticipate that Avidity Biosciences, Inc. will post -5.08 EPS for the current year.

Hedge Funds Weigh In On Avidity Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in RNA. Norges Bank acquired a new position in Avidity Biosciences in the 4th quarter valued at $219,736,000. P Schoenfeld Asset Management LP acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth $6,109,000. Sculptor Capital LP bought a new position in shares of Avidity Biosciences in the fourth quarter worth $40,826,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of Avidity Biosciences in the fourth quarter worth $21,858,000. Finally, Sand Grove Capital Management LLP acquired a new position in Avidity Biosciences in the fourth quarter valued at about $23,919,000.

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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