Avidity Biosciences (NASDAQ:RNA) Stock Passes Below Two Hundred Day Moving Average – Time to Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $37.88 and traded as low as $12.70. Avidity Biosciences shares last traded at $12.78, with a volume of 262,214 shares traded.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on RNA shares. Wells Fargo & Company started coverage on shares of Avidity Biosciences in a research report on Wednesday, March 11th. They issued an “overweight” rating on the stock. Zacks Research upgraded shares of Avidity Biosciences to a “hold” rating in a report on Friday, June 19th. Cantor Fitzgerald assumed coverage on shares of Avidity Biosciences in a research note on Thursday, June 18th. They issued an “overweight” rating and a $25.00 target price for the company. HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a report on Friday, May 1st. Finally, Weiss Ratings cut shares of Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $66.81.

Avidity Biosciences Stock Performance

The company has a 50-day moving average of $12.94 and a 200-day moving average of $37.88. The firm has a market capitalization of $218.61 million, a price-to-earnings ratio of -2.57 and a beta of 0.93.

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

Institutional Investors Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in the stock. EFG International AG acquired a new stake in shares of Avidity Biosciences during the fourth quarter worth $33,000. Smartleaf Asset Management LLC boosted its stake in Avidity Biosciences by 426.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 397 shares during the period. Los Angeles Capital Management LLC acquired a new position in Avidity Biosciences in the 4th quarter worth $34,000. Allworth Financial LP increased its holdings in Avidity Biosciences by 22.8% during the 3rd quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 159 shares in the last quarter. Finally, Clearstead Advisors LLC bought a new position in Avidity Biosciences during the 4th quarter worth about $72,000.

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.