Avidity Biosciences (NASDAQ:RNA) Stock Price Breaks Below 200-Day Moving Average – What’s Next?

Avidity Biosciences, Inc. (NASDAQ:RNA) shares passed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $12.37 and traded as low as $7.78. Avidity Biosciences shares last traded at $7.99, with a volume of 411,683 shares.

Analyst Ratings Changes

A number of research analysts have recently weighed in on RNA shares. Zacks Research upgraded 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. HC Wainwright reissued a “buy” rating and issued a $25.00 price objective on shares of Avidity Biosciences in a research note on Friday, August 14th. Finally, Cantor Fitzgerald began coverage on shares of Avidity Biosciences in a research report on Thursday, June 18th. They set an “overweight” rating and a $25.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Avidity Biosciences currently has an average rating of “Hold” and an average target price of $63.75.

Avidity Biosciences Stock Performance

The business has a fifty day simple moving average of $11.24 and a 200 day simple moving average of $12.33. The stock has a market cap of $141.33 million and a price-to-earnings ratio of -3.84.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hsbc Holdings PLC acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth about $2,360,000. Corient Private Wealth LLC acquired a new position in shares of Avidity Biosciences in the fourth quarter valued at approximately $689,000. Virtu Financial LLC acquired a new position in shares of Avidity Biosciences in the fourth quarter valued at approximately $1,556,000. Hunting Hill Global Capital LLC purchased a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $212,000. Finally, Governors Lane LP purchased a new position in shares of Avidity Biosciences during the fourth quarter valued at approximately $8,853,000.

About Avidity Biosciences

Avidity Biosciences, Inc is a clinical-stage biopharmaceutical company focused on developing genetic medicines for diseases that have historically been difficult to treat with conventional approaches. The company’s technology platform, known as Antibody Oligonucleotide Conjugates (AOCs), combines the targeting capabilities of antibodies with oligonucleotide-based medicines designed to act on RNA inside specific cells.

Avidity’s research programs are primarily directed at serious muscle diseases, including myotonic dystrophy type 1, facioscapulohumeral muscular dystrophy and Duchenne muscular dystrophy.