Avidity Biosciences (NASDAQ:RNA) Stock Price Crosses Below 200-Day Moving Average – Here’s Why

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $30.39 and traded as low as $11.61. Avidity Biosciences shares last traded at $12.29, with a volume of 181,862 shares.

Wall Street Analyst Weigh In

Several analysts have recently commented on RNA shares. Weiss Ratings downgraded shares of Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a report on Friday, May 22nd. HC Wainwright reissued a “neutral” rating on shares of Avidity Biosciences in a report on Friday, May 1st. Leerink Partners initiated coverage on shares of Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating for the company. Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a report on Thursday, June 18th. They issued an “overweight” rating and a $25.00 price target on the stock. Finally, Zacks Research raised Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $67.60.

Avidity Biosciences Price Performance

The firm has a market cap of $210.23 million, a price-to-earnings ratio of -2.47 and a beta of 0.93. The business has a fifty day simple moving average of $12.73 and a 200 day simple moving average of $30.39.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.08. The firm had revenue of $19.64 million for the quarter, compared to analyst estimates of $2.00 million. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. On average, research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avidity Biosciences

Several institutional investors have recently bought and sold shares of the company. Versor Investments LP purchased a new stake in shares of Avidity Biosciences during the 4th quarter worth approximately $11,749,000. CIBRA Capital Ltd purchased a new position in shares of Avidity Biosciences during the fourth quarter worth about $3,838,000. Norges Bank acquired a new stake in shares of Avidity Biosciences during the fourth quarter worth about $219,736,000. FNY Investment Advisers LLC increased its position in shares of Avidity Biosciences by 571.1% during the fourth quarter. FNY Investment Advisers LLC now owns 50,976 shares of the biotechnology company’s stock worth $3,676,000 after purchasing an additional 43,380 shares in the last quarter. Finally, P Schoenfeld Asset Management LP purchased a new stake in shares of Avidity Biosciences in the 4th quarter valued at about $6,109,000.

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.