Avidity Biosciences (NASDAQ:RNA) Shares Cross Below Two Hundred Day Moving Average – What’s Next?

Avidity Biosciences, Inc. (NASDAQ:RNA) shares crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $60.43 and traded as low as $14.60. Avidity Biosciences shares last traded at $14.67, with a volume of 752,406 shares.

Analyst Ratings Changes

A number of brokerages have commented on RNA. Chardan Capital reaffirmed a “neutral” rating and set a $72.00 price target on shares of Avidity Biosciences in a research report on Tuesday, November 11th. Evercore set a $72.00 price objective on Avidity Biosciences in a research report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Finally, TD Cowen reaffirmed a “hold” rating on shares of Avidity Biosciences in a research note on Wednesday, November 12th. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $69.55.

Avidity Biosciences Price Performance

The firm’s 50-day moving average is $63.44 and its 200-day moving average is $60.43.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing the consensus estimate of ($1.24) by ($0.35). The business had revenue of $0.86 million for the quarter, compared to analyst estimates of $1.98 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. Equities analysts forecast that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Michael F. Maclean sold 4,542 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $329,067.90. Following the transaction, the chief financial officer directly owned 59,290 shares in the company, valued at approximately $4,295,560.50. The trade was a 7.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider W. Michael Flanagan sold 6,534 shares of the company’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $473,388.30. Following the completion of the sale, the insider directly owned 85,093 shares of the company’s stock, valued at $6,164,987.85. The trade was a 7.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 58,407 shares of company stock worth $4,226,448 over the last ninety days. Insiders own 3.83% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AlphaQuest LLC increased its stake in shares of Avidity Biosciences by 123.0% during the 3rd quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 331 shares during the last quarter. CWM LLC lifted its stake in Avidity Biosciences by 1,635.1% in the third quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 605 shares during the last quarter. EFG International AG bought a new position in Avidity Biosciences during the fourth quarter valued at $33,000. Los Angeles Capital Management LLC bought a new position in Avidity Biosciences during the fourth quarter valued at $34,000. Finally, Smartleaf Asset Management LLC increased its position in Avidity Biosciences by 426.9% in the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after buying an additional 397 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.