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

Avidity Biosciences, Inc. (NASDAQ:RNA) shares passed below its 200-day moving average during trading on Tuesday . The stock has a 200-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 Analysts Forecast Growth

RNA has been the topic of a number of recent research reports. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a report on Thursday, June 18th. They issued an “overweight” rating and a $25.00 target price on the stock. Zacks Research raised Avidity Biosciences to a “hold” rating in a report on Friday, June 19th. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. HC Wainwright reaffirmed a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. Finally, Weiss Ratings cut Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $67.60.

Avidity Biosciences Trading Up 4.5%

The company has a market cap of $210.23 million, a price-to-earnings ratio of -2.47 and a beta of 0.93. The company’s 50 day moving average price is $12.73 and its 200 day moving average price is $30.39.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.05) by $0.08. The firm had revenue of $19.64 million during the quarter, compared to analysts’ expectations of $2.00 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%. Sell-side analysts predict that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current year.

Hedge Funds Weigh In On Avidity Biosciences

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Avidity Biosciences by 3.2% in the 4th quarter. Vanguard Group Inc. now owns 13,649,250 shares of the biotechnology company’s stock worth $984,520,000 after acquiring an additional 429,491 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Avidity Biosciences by 8.8% during the third quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock valued at $438,540,000 after acquiring an additional 815,497 shares during the period. RA Capital Management L.P. boosted its holdings in shares of Avidity Biosciences by 18.9% during the third quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock valued at $376,490,000 after acquiring an additional 1,375,000 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of Avidity Biosciences in the 4th quarter worth about $435,708,000. Finally, Pentwater Capital Management LP increased its holdings in shares of Avidity Biosciences by 30,032.5% in the 4th quarter. Pentwater Capital Management LP now owns 6,026,500 shares of the biotechnology company’s stock worth $434,691,000 after acquiring an additional 6,006,500 shares during the period.

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.