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

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price passed 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 changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RNA shares. Leerink Partnrs cut shares of Avidity Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Raymond James Financial downgraded Avidity Biosciences from a “strong-buy” rating to a “market perform” rating in a research note on Monday, October 27th. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. TD Cowen downgraded Avidity Biosciences from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $78.00 to $74.00 in a report on Wednesday, October 29th. Finally, Royal Bank Of Canada restated a “sector perform” rating and issued a $72.00 target price (up previously from $61.00) on shares of Avidity Biosciences in a research note on Tuesday, October 28th. Eight equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $69.57.

Avidity Biosciences Stock Down 0.0%

The stock’s fifty day moving average is $71.20 and its two-hundred day moving average is $51.84. The firm has a market capitalization of $10.86 billion, a price-to-earnings ratio of -17.24 and a beta of 0.95.

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

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The stock was 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. The trade was a 17.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven George Hughes sold 2,209 shares of the firm’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 value of $105,015.86. Following the completion of the sale, the insider directly owned 38,867 shares of the company’s stock, valued at approximately $1,847,737.18. The trade was a 5.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AlphaQuest LLC raised its position in shares of Avidity Biosciences by 123.0% in the third quarter. AlphaQuest LLC now owns 600 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 331 shares during the period. CWM LLC grew its stake in Avidity Biosciences by 1,635.1% in the 3rd quarter. CWM LLC now owns 642 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 605 shares during the last quarter. Allworth Financial LP raised its holdings in 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 acquiring an additional 159 shares during the period. Westside Investment Management Inc. acquired a new stake in Avidity Biosciences during the second quarter worth approximately $29,000. Finally, Comerica Bank lifted its position in Avidity Biosciences by 75.9% during the third quarter. Comerica Bank now owns 1,335 shares of the biotechnology company’s stock worth $58,000 after acquiring an additional 576 shares during the last quarter.

About Avidity Biosciences

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.