Avidity Biosciences (NASDAQ:RNA) Shares Pass Below 200-Day Moving Average – Time to Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA) crossed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $32.92 and traded as low as $12.21. Avidity Biosciences shares last traded at $12.22, with a volume of 178,866 shares.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Cantor Fitzgerald initiated coverage on Avidity Biosciences in a report on Thursday, June 18th. They issued an “overweight” rating and a $25.00 price objective on the stock. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. Leerink Partners assumed coverage on Avidity Biosciences in a research note on Friday, May 15th. They set an “outperform” rating for the company. Weiss Ratings downgraded Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a report on Friday, May 22nd. Finally, Zacks Research upgraded shares of Avidity Biosciences to a “hold” rating in a research note on Friday, June 19th. One equities research 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 issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $67.60.

Avidity Biosciences Trading Down 1.9%

The business has a 50 day moving average of $12.84 and a 200-day moving average of $32.92. The stock has a market cap of $209.04 million, a PE ratio of -2.46 and a beta of 0.93.

Avidity Biosciences (NASDAQ:RNA) last issued 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. Avidity Biosciences had a negative net margin of 3,650.39% and a negative return on equity of 44.92%. The firm had revenue of $19.64 million during the quarter, compared to analysts’ expectations of $2.00 million. Research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Institutional Investors Weigh In On Avidity Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Versor Investments LP purchased a new position in shares of Avidity Biosciences in the 4th quarter valued at approximately $11,749,000. CIBRA Capital Ltd acquired a new position in shares of Avidity Biosciences in the fourth quarter valued at approximately $3,838,000. Maven Securities LTD acquired a new position in shares of Avidity Biosciences in the third quarter valued at approximately $2,614,000. Norges Bank purchased a new stake in shares of Avidity Biosciences during the fourth quarter worth approximately $219,736,000. Finally, FNY Investment Advisers LLC raised its stake 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 during the last quarter.

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.