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

Shares of Avidity Biosciences, Inc. (NASDAQ:RNA) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $32.92 and traded as low as $12.21. Avidity Biosciences shares last traded at $12.22, with a volume of 178,866 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have weighed in on RNA shares. Cantor Fitzgerald initiated coverage on shares of Avidity Biosciences in a research note on Thursday, June 18th. They issued an “overweight” rating and a $25.00 price target for the company. HC Wainwright reissued a “neutral” rating on shares of Avidity Biosciences in a research note on Friday, May 1st. Weiss Ratings cut Avidity Biosciences from a “sell (d-)” rating to a “sell (e-)” rating in a report on Friday, May 22nd. Wall Street Zen upgraded Avidity Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, May 30th. Finally, Zacks Research upgraded Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $67.60.

Avidity Biosciences Stock Performance

The firm has a market cap of $210.40 million, a PE ratio of -2.47 and a beta of 0.93. The company’s 50-day simple moving average is $12.83 and its two-hundred day simple moving average is $32.50.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP raised its holdings in Avidity Biosciences by 22.8% in 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. GF Fund Management CO. LTD. boosted its holdings in shares of Avidity Biosciences by 7.0% during the 4th quarter. GF Fund Management CO. LTD. now owns 2,961 shares of the biotechnology company’s stock valued at $214,000 after buying an additional 193 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Avidity Biosciences by 10.5% during the 4th quarter. GAMMA Investing LLC now owns 2,471 shares of the biotechnology company’s stock valued at $178,000 after buying an additional 234 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of Avidity Biosciences by 426.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 490 shares of the biotechnology company’s stock worth $35,000 after buying an additional 397 shares during the period. Finally, EFG International AG purchased a new stake in shares of Avidity Biosciences in the 4th quarter worth about $33,000.

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.