Avidity Biosciences (NASDAQ:RNA) Stock Crosses Above Fifty Day Moving Average – Here’s Why

Avidity Biosciences, Inc. (NASDAQ:RNA) crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $71.20 and traded as high as $72.15. Avidity Biosciences shares last traded at $72.07, with a volume of 4,664,241 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Leerink Partnrs lowered Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. TD Cowen cut shares of Avidity Biosciences from a “buy” rating to a “hold” rating and lowered their price objective for the company from $78.00 to $74.00 in a research report on Wednesday, October 29th. Citigroup downgraded shares of Avidity Biosciences from a “buy” rating to a “hold” rating in a research note on Monday, October 27th. Sanford C. Bernstein cut shares of Avidity Biosciences from an “outperform” rating to a “market perform” rating and increased their price target for the company from $52.00 to $72.00 in a research note on Monday, October 27th. Finally, Loop Capital set a $72.00 price objective on shares of Avidity Biosciences in a research report on Tuesday, October 28th. Eight research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $69.57.

Avidity Biosciences Trading Down 0.0%

The business’s fifty day simple moving average is $71.20 and its 200 day simple moving average is $51.84. The stock has a market cap of $10.86 billion, a price-to-earnings ratio of -17.24 and a beta of 0.95.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Monday, November 10th. The biotechnology company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.05) by ($0.22). Avidity Biosciences had a negative net margin of 2,634.59% and a negative return on equity of 37.70%. The company had revenue of $12.48 million during the quarter, compared to analyst estimates of $1.80 million. Avidity Biosciences’s quarterly revenue was up 420.8% on a year-over-year basis. As a group, research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Transactions at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 20,000 shares of Avidity Biosciences stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $50.15, for a total transaction of $1,003,000.00. Following the transaction, the insider owned 97,130 shares of the company’s stock, valued at $4,871,069.50. This trade represents a 17.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven George Hughes sold 2,209 shares of the business’s stock in a transaction that occurred on Wednesday, October 22nd. The shares were sold at an average price of $47.54, for a total transaction of $105,015.86. Following the transaction, the insider owned 38,867 shares of the company’s stock, valued at approximately $1,847,737.18. This represents a 5.38% decrease in their position. The SEC filing for this sale provides additional information. 3.83% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in RNA. AlphaQuest LLC lifted its holdings in Avidity Biosciences by 123.0% during the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after acquiring an additional 331 shares in the last quarter. CWM LLC lifted its holdings in shares of Avidity Biosciences by 1,635.1% during the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 605 shares in the last quarter. Westside Investment Management Inc. bought a new position in shares of Avidity Biosciences during the 2nd quarter valued at about $29,000. Allworth Financial LP grew its position in shares of Avidity Biosciences by 22.8% in the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 159 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in Avidity Biosciences by 291.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,476 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 1,099 shares in 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.