Avidity Biosciences (NASDAQ:RNA) Share Price Passes Below 200-Day Moving Average – Here’s What Happened

Avidity Biosciences, Inc. (NASDAQ:RNA) shares crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $37.88 and traded as low as $12.70. Avidity Biosciences shares last traded at $12.78, with a volume of 262,214 shares traded.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RNA shares. HC Wainwright reiterated a “neutral” rating on shares of Avidity Biosciences in a report on Friday, May 1st. Wells Fargo & Company began coverage on Avidity Biosciences in a report on Wednesday, March 11th. They set an “overweight” rating for the company. Wall Street Zen raised Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Leerink Partners assumed coverage on shares of Avidity Biosciences in a research report on Friday, May 15th. They set an “outperform” rating on the stock. Finally, Weiss Ratings lowered shares of Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $66.81.

Avidity Biosciences Trading Up 3.2%

The company has a market cap of $225.63 million, a PE ratio of -2.65 and a beta of 0.93. The company has a fifty day simple moving average of $12.91 and a two-hundred day simple moving average of $37.70.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.05) by $0.08. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.The business had revenue of $19.64 million during the quarter, compared to analysts’ expectations of $2.00 million. On average, research analysts anticipate that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNA. EFG International AG purchased a new stake in shares of Avidity Biosciences in the 4th quarter valued at approximately $33,000. Los Angeles Capital Management LLC purchased a new stake in shares of Avidity Biosciences during the 4th quarter worth $34,000. Smartleaf Asset Management LLC grew its stake in shares of Avidity Biosciences by 426.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 397 shares in the last quarter. Allworth Financial LP grew its stake in shares of Avidity Biosciences by 22.8% during the third quarter. Allworth Financial LP now owns 856 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 159 shares in the last quarter. Finally, Osaic Holdings Inc. increased its holdings in Avidity Biosciences by 1,659.1% in the second quarter. Osaic Holdings Inc. now owns 1,636 shares of the biotechnology company’s stock valued at $48,000 after buying an additional 1,543 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.