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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $17.70 and traded as low as $13.20. Avidity Biosciences shares last traded at $13.77, with a volume of 178,348 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Cantor Fitzgerald assumed coverage on Avidity Biosciences in a research report on Thursday, June 18th. They issued an “overweight” rating and a $25.00 target price on the stock. Leerink Partners initiated coverage on shares of Avidity Biosciences in a report on Friday, May 15th. They issued an “outperform” rating on the stock. Zacks Research upgraded shares of Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. Weiss Ratings upgraded shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research report on Monday, August 3rd. Finally, Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $63.85.

Avidity Biosciences Stock Up 3.8%

The firm has a market cap of $249.75 million and a price-to-earnings ratio of -6.79. The stock’s 50 day moving average is $12.67 and its 200 day moving average is $17.29.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.24. The firm had revenue of $3.00 million for the quarter, compared to the consensus estimate of $0.67 million. Analysts anticipate that Avidity Biosciences, Inc. will post -5.08 earnings per share for the current fiscal year.

Institutional Trading of Avidity Biosciences

A number of large investors have recently added to or reduced their stakes in RNA. Royal Bank of Canada lifted its position in shares of Avidity Biosciences by 38.2% during the 1st quarter. Royal Bank of Canada now owns 44,304 shares of the biotechnology company’s stock valued at $1,308,000 after acquiring an additional 12,241 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of Avidity Biosciences by 22.7% during the first quarter. NewEdge Advisors LLC now owns 23,837 shares of the biotechnology company’s stock worth $704,000 after purchasing an additional 4,410 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Avidity Biosciences by 2.8% during the first quarter. Goldman Sachs Group Inc. now owns 784,704 shares of the biotechnology company’s stock valued at $23,164,000 after purchasing an additional 21,649 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Avidity Biosciences by 7.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,718 shares of the biotechnology company’s stock valued at $10,560,000 after purchasing an additional 25,329 shares during the period. Finally, Strs Ohio purchased a new position in Avidity Biosciences in the 1st quarter worth about $180,000.

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.