Avidity Biosciences (NASDAQ:RNA) Stock Price Down 6.4%

Avidity Biosciences, Inc. (NASDAQ:RNAGet Rating)’s share price was down 6.4% during mid-day trading on Tuesday . The stock traded as low as $11.67 and last traded at $11.69. Approximately 8,402 shares changed hands during trading, a decline of 99% from the average daily volume of 633,947 shares. The stock had previously closed at $12.49.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on RNA shares. Credit Suisse Group raised their target price on shares of Avidity Biosciences from $32.00 to $33.00 and gave the stock an “outperform” rating in a report on Wednesday, November 9th. Chardan Capital cut their price objective on shares of Avidity Biosciences from $29.00 to $27.00 and set a “buy” rating for the company in a report on Tuesday, September 27th. Raymond James lifted their price objective on shares of Avidity Biosciences from $29.00 to $30.00 and gave the company a “strong-buy” rating in a report on Wednesday, November 9th. Finally, Needham & Company LLC cut their price objective on shares of Avidity Biosciences from $50.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, September 27th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Avidity Biosciences has a consensus rating of “Buy” and an average target price of $39.50.

Avidity Biosciences Stock Up 1.5 %

The company’s 50-day moving average price is $15.61 and its 200-day moving average price is $16.30. The firm has a market cap of $661.14 million, a price-to-earnings ratio of -3.71 and a beta of 0.81.

Hedge Funds Weigh In On Avidity Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. Itau Unibanco Holding S.A. acquired a new position in Avidity Biosciences during the third quarter worth about $26,000. Quantbot Technologies LP boosted its position in Avidity Biosciences by 600.0% during the second quarter. Quantbot Technologies LP now owns 2,100 shares of the biotechnology company’s stock worth $30,000 after acquiring an additional 1,800 shares during the last quarter. Great West Life Assurance Co. Can acquired a new position in Avidity Biosciences during the third quarter worth about $31,000. Daiwa Securities Group Inc. boosted its position in Avidity Biosciences by 2,964.1% during the third quarter. Daiwa Securities Group Inc. now owns 4,780 shares of the biotechnology company’s stock worth $78,000 after acquiring an additional 4,624 shares during the last quarter. Finally, Point72 Hong Kong Ltd purchased a new position in Avidity Biosciences during the third quarter worth about $78,000.

Avidity Biosciences Company Profile

(Get Rating)

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; AOC 1044 for the treatment of Duchenne Muscular Dystrophy; and AOC 1020 designed to treat facioscapulohumeral muscular dystrophy which are in preclinical stage.

Featured Stories

Receive News & Ratings for Avidity Biosciences Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avidity Biosciences and related companies with MarketBeat.com's FREE daily email newsletter.