Avidity Biosciences (NASDAQ:RNA) Share Price Passes Below 200-Day Moving Average – Time to Sell?

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $60.43 and traded as low as $14.60. Avidity Biosciences shares last traded at $14.67, with a volume of 752,406 shares trading hands.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a research note on Wednesday, January 21st. Evercore set a $72.00 target price on shares of Avidity Biosciences in a research note on Thursday, December 18th. Wells Fargo & Company initiated coverage on shares of Avidity Biosciences in a report on Wednesday. They issued an “overweight” rating and a $25.00 target price on the stock. Finally, TD Cowen reissued a “hold” rating on shares of Avidity Biosciences in a research report on Wednesday, November 12th. Six equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Avidity Biosciences currently has an average rating of “Hold” and an average target price of $66.79.

Avidity Biosciences Trading Down 1.6%

The business has a fifty day moving average price of $62.29 and a 200 day moving average price of $60.11.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.24) by ($0.35). Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The company had revenue of $0.86 million during the quarter, compared to analyst estimates of $1.98 million. Equities research 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 Steven George Hughes sold 4,895 shares of the firm’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total value of $354,642.75. Following the sale, the insider directly owned 31,599 shares in the company, valued at $2,289,347.55. This trade represents a 13.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider W. Michael Flanagan sold 6,534 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $72.45, for a total transaction of $473,388.30. Following the transaction, the insider directly owned 85,093 shares of the company’s stock, valued at $6,164,987.85. This represents a 7.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 58,407 shares of company stock worth $4,226,448. 3.83% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avidity Biosciences

Several large investors have recently added to or reduced their stakes in RNA. JPMorgan Chase & Co. increased its position in shares of Avidity Biosciences by 55.0% during the third quarter. JPMorgan Chase & Co. now owns 899,557 shares of the biotechnology company’s stock valued at $39,194,000 after purchasing an additional 319,282 shares during the period. Candriam S.C.A. lifted its position in Avidity Biosciences by 10.2% in the third quarter. Candriam S.C.A. now owns 487,917 shares of the biotechnology company’s stock worth $21,259,000 after purchasing an additional 45,144 shares during the period. Atle Fund Management AB acquired a new stake in Avidity Biosciences during the third quarter worth $2,265,000. New York State Common Retirement Fund boosted its stake in Avidity Biosciences by 44.2% during the third quarter. New York State Common Retirement Fund now owns 392,644 shares of the biotechnology company’s stock worth $17,107,000 after buying an additional 120,365 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Avidity Biosciences by 157.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 45,923 shares of the biotechnology company’s stock valued at $2,001,000 after buying an additional 28,055 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.