Avidity Biosciences (NASDAQ:RNA) Stock Price Down 6.4%

Avidity Biosciences, Inc. (NASDAQ:RNAGet Rating)’s share price traded down 6.4% during trading on Tuesday . The stock traded as low as $11.67 and last traded at $11.69. 8,402 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 633,947 shares. The stock had previously closed at $12.49.

Wall Street Analysts Forecast Growth

RNA has been the subject of several recent analyst reports. Chardan Capital reduced their target price on Avidity Biosciences from $29.00 to $27.00 and set a “buy” rating for the company in a report on Tuesday, September 27th. Needham & Company LLC cut their price target on Avidity Biosciences from $50.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, September 27th. Credit Suisse Group raised their price target on Avidity Biosciences from $32.00 to $33.00 and gave the stock an “outperform” rating in a report on Wednesday, November 9th. Finally, Raymond James increased their price objective on Avidity Biosciences from $29.00 to $30.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, November 9th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Avidity Biosciences currently has an average rating of “Buy” and an average target price of $39.50.

Avidity Biosciences Stock Up 1.5 %

The stock has a 50-day simple moving average of $15.61 and a two-hundred day simple moving average of $16.30. The firm has a market cap of $661.14 million, a PE ratio of -3.71 and a beta of 0.81.

Institutional Investors Weigh In On Avidity Biosciences

A number of large investors have recently added to or reduced their stakes in RNA. Aaron Wealth Advisors LLC increased its holdings in shares of Avidity Biosciences by 1,747.0% in the first quarter. Aaron Wealth Advisors LLC now owns 3,984,902 shares of the biotechnology company’s stock worth $215,750,000 after buying an additional 3,769,152 shares during the period. Cowen AND Company LLC purchased a new position in shares of Avidity Biosciences in the second quarter worth about $32,898,000. RA Capital Management L.P. increased its holdings in shares of Avidity Biosciences by 411.6% in the first quarter. RA Capital Management L.P. now owns 2,167,391 shares of the biotechnology company’s stock worth $40,032,000 after buying an additional 1,743,775 shares during the period. Artisan Partners Limited Partnership bought a new stake in shares of Avidity Biosciences in the second quarter worth about $5,715,000. Finally, RTW Investments LP grew its stake in shares of Avidity Biosciences by 7.8% in the third quarter. RTW Investments LP now owns 5,170,784 shares of the biotechnology company’s stock worth $84,439,000 after purchasing an additional 375,784 shares during the last quarter.

About Avidity Biosciences

(Get Rating)

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; AOC 1044 for the treatment of Duchenne Muscular Dystrophy; and AOC 1020 designed to treat facioscapulohumeral muscular dystrophy which are in preclinical stage.

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