Avidity Biosciences (NASDAQ:RNA) Stock Crosses Below 200 Day Moving Average – Here’s What Happened

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $55.13 and traded as low as $12.66. Avidity Biosciences shares last traded at $13.30, with a volume of 281,302 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RNA shares. Wall Street Zen raised shares of Avidity Biosciences to a “hold” rating in a research note on Saturday, March 21st. Evercore set a $72.00 price objective on Avidity Biosciences in a report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Avidity Biosciences in a research report on Wednesday, January 21st. Finally, Wells Fargo & Company assumed coverage on Avidity Biosciences in a research report on Wednesday, March 11th. They set an “overweight” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $69.42.

Avidity Biosciences Price Performance

The stock’s 50 day moving average price is $35.12 and its two-hundred day moving average price is $55.13.

Avidity Biosciences (NASDAQ:RNA) last issued its quarterly earnings data on Monday, February 23rd. The biotechnology company reported ($1.59) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $0.86 million during the quarter, compared to analyst estimates of $1.98 million. Research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Michael F. Maclean sold 4,542 shares of the business’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 $329,067.90. Following the completion of the sale, the chief financial officer directly owned 59,290 shares in the company, valued at approximately $4,295,560.50. The trade was a 7.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Arthur A. Levin sold 1,758 shares of the business’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $72.45, for a total transaction of $127,367.10. Following the completion of the sale, the director owned 16,562 shares of the company’s stock, valued at $1,199,916.90. The trade was a 9.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 35,045 shares of company stock valued at $2,539,010 in the last three months. Company insiders own 3.83% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Avidity Biosciences by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 13,649,250 shares of the biotechnology company’s stock worth $984,520,000 after purchasing an additional 429,491 shares during the last quarter. Wellington Management Group LLP raised its stake in Avidity Biosciences by 8.8% during the 3rd quarter. Wellington Management Group LLP now owns 10,065,187 shares of the biotechnology company’s stock valued at $438,540,000 after purchasing an additional 815,497 shares during the last quarter. RA Capital Management L.P. raised its stake in Avidity Biosciences by 18.9% during the 3rd quarter. RA Capital Management L.P. now owns 8,641,031 shares of the biotechnology company’s stock valued at $376,490,000 after purchasing an additional 1,375,000 shares during the last quarter. Avoro Capital Advisors LLC raised its stake in Avidity Biosciences by 8.4% during the 3rd quarter. Avoro Capital Advisors LLC now owns 7,645,000 shares of the biotechnology company’s stock valued at $333,093,000 after purchasing an additional 595,000 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new position in Avidity Biosciences during the 4th quarter valued at $435,708,000.

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.