Avidity Biosciences (NASDAQ:RNA) Stock Passes Below 200-Day Moving Average of $15.85

Shares of Avidity Biosciences, Inc. (NASDAQ:RNAGet Rating) passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $15.85 and traded as low as $15.51. Avidity Biosciences shares last traded at $15.62, with a volume of 163,116 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RNA. Raymond James initiated coverage on shares of Avidity Biosciences in a report on Monday, July 11th. They set a “strong-buy” rating and a $29.00 price objective on the stock. Chardan Capital initiated coverage on shares of Avidity Biosciences in a report on Wednesday, July 20th. They issued a “buy” rating and a $29.00 price target on the stock. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $42.67.

Avidity Biosciences Stock Down 4.1 %

The company’s 50 day moving average price is $14.98 and its 200 day moving average price is $15.85. The firm has a market capitalization of $777.30 million, a price-to-earnings ratio of -5.37 and a beta of 1.10.

Avidity Biosciences (NASDAQ:RNAGet Rating) last posted its quarterly earnings data on Tuesday, May 10th. The biotechnology company reported ($0.71) EPS for the quarter, topping the consensus estimate of ($0.94) by $0.23. Avidity Biosciences had a negative net margin of 1,525.48% and a negative return on equity of 36.26%. The business had revenue of $1.80 million during the quarter, compared to the consensus estimate of $1.50 million. As a group, analysts expect that Avidity Biosciences, Inc. will post -3.05 earnings per share for the current year.

Institutional Investors Weigh In On Avidity Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Mirador Capital Partners LP lifted its position in Avidity Biosciences by 48.2% during the fourth quarter. Mirador Capital Partners LP now owns 30,701 shares of the biotechnology company’s stock valued at $730,000 after purchasing an additional 9,980 shares during the period. New York State Common Retirement Fund raised its position in shares of Avidity Biosciences by 20.0% in the fourth quarter. New York State Common Retirement Fund now owns 28,323 shares of the biotechnology company’s stock worth $673,000 after acquiring an additional 4,712 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Avidity Biosciences by 280.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,158 shares of the biotechnology company’s stock worth $36,000 after acquiring an additional 1,591 shares during the period. Harbor Capital Advisors Inc. acquired a new position in shares of Avidity Biosciences in the fourth quarter worth about $1,347,000. Finally, Northern Trust Corp raised its position in shares of Avidity Biosciences by 6.8% in the fourth quarter. Northern Trust Corp now owns 379,241 shares of the biotechnology company’s stock worth $9,014,000 after acquiring an additional 24,011 shares during the period. 95.12% of the stock is currently owned by institutional investors and hedge funds.

Avidity Biosciences Company Profile

(Get Rating)

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the development of oligonucleotide-based therapies. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat a range of serious diseases. The company's lead product candidate AOC 1001 is used for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease; AOC 1044 for the treatment of Duchenne Muscular Dystrophy; and AOC 1020 designed to treat facioscapulohumeral muscular dystrophy which are in preclinical stage.

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