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

by · The Cerbat Gem

Avidity Biosciences, Inc. (NASDAQ:RNA – Get Free Report)’s stock price passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $12.61 and traded as low as $8.05. Avidity Biosciences shares last traded at $8.42, with a volume of 504,913 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RNA. Zacks Research raised Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. HC Wainwright restated a “buy” rating and issued a $25.00 price objective on shares of Avidity Biosciences in a research note on Friday, August 14th. Weiss Ratings raised shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a report on Monday, August 3rd. Finally, Cantor Fitzgerald started coverage on shares of Avidity Biosciences in a research note on Thursday, June 18th. They issued an “overweight” rating and a $25.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $63.75.

View Our Latest Analysis on Avidity Biosciences

Avidity Biosciences Stock Performance

The stock has a 50-day moving average of $11.68 and a 200 day moving average of $12.56. The firm has a market capitalization of $142.36 million and a P/E ratio of -3.87.

Avidity Biosciences (NASDAQ:RNA – Get Free Report) last announced its earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.24. The business had revenue of $3.00 million for the quarter, compared to the consensus estimate of $0.67 million. On average, equities analysts predict that Avidity Biosciences, Inc. will post -5.08 EPS for the current year.

Hedge Funds Weigh In On Avidity Biosciences

Large investors have recently modified their holdings of the stock. Hsbc Holdings PLC bought a new position in shares of Avidity Biosciences in the 4th quarter valued at about $2,360,000. Corient Private Wealth LLC bought a new stake in shares of Avidity Biosciences in the 4th quarter valued at about $689,000. Virtu Financial LLC acquired a new stake in shares of Avidity Biosciences in the 4th quarter valued at approximately $1,556,000. Hunting Hill Global Capital LLC acquired a new stake in shares of Avidity Biosciences in the 4th quarter valued at approximately $212,000. Finally, Governors Lane LP bought a new position in Avidity Biosciences during the 4th quarter worth approximately $8,853,000.

About Avidity Biosciences

(Get Free Report)

Avidity Biosciences, Inc is a biopharmaceutical company focused on developing RNA therapeutics for diseases that have historically been difficult to treat with conventional drug-delivery methods. Founded in 2012 and headquartered in San Diego, California, the company develops medicines intended to address genetic disorders, with an emphasis on diseases affecting muscles.

Avidity’s proprietary Antibody Oligonucleotide Conjugate (AOC) platform combines the targeting capabilities of monoclonal antibodies with the gene-modifying potential of oligonucleotides, including small interfering RNA and antisense oligonucleotides.

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