Avidity Biosciences (NASDAQ:RNA) Stock Breaks Below 200 Day Moving Average - Here's Why

Key Points

• Avidity Biosciences shares fell below their 200-day moving average, dropping as low as $7.96 versus the $11.96 average and last trading near $8.00.
• Analyst sentiment is mixed: the stock has an overall “Hold” rating and an average price target of $63.75, while HC Wainwright maintained a “Buy” rating with a $25 target.
• The company exceeded quarterly expectations, reporting a loss of $1.18 per share versus the projected $1.42 loss and revenue of $3 million versus the $670,000 estimate, though analysts expect a full-year loss of $4.61 per share.

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report) passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $11.96 and traded as low as $7.96. Avidity Biosciences shares last traded at $8.00, with a volume of 193,207 shares.

Analysts Set New Price Targets

A number of research firms have commented on RNA. HC Wainwright reiterated a "buy" rating and issued a $25.00 target price on shares of Avidity Biosciences in a report on Friday, August 14th. Weiss Ratings raised shares of Avidity Biosciences from a "sell (e-)" rating to a "sell (e)" rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Avidity Biosciences currently has an average rating of "Hold" and an average target price of $63.75.

Avidity Biosciences Stock Up 0.3%

The business has a 50-day moving average of $10.46 and a 200-day moving average of $11.96. The stock has a market cap of $136.88 million and a price-to-earnings ratio of -3.72.

Avidity Biosciences (NASDAQ:RNA - Get Free Report) last issued its earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.24. The firm had revenue of $3.00 million during the quarter, compared to analyst estimates of $0.67 million. Equities analysts anticipate that Avidity Biosciences, Inc. will post -4.61 earnings per share for the current year.

Institutional Investors Weigh In On Avidity Biosciences

A hedge fund recently bought a new position in Avidity Biosciences stock. Corient Private Wealth LLC acquired a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 9,550 shares of the biotechnology company's stock, valued at approximately $689,000.

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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