Avidity Biosciences (NASDAQ:RNA) Stock Price Crosses Below Two Hundred Day Moving Average – Time to Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $11.96 and traded as low as $7.96. Avidity Biosciences shares last traded at $8.00, with a volume of 193,207 shares.

Analyst Upgrades and Downgrades

RNA has been the topic of a number of recent analyst reports. Roth Capital started coverage on shares of Avidity Biosciences in a report on Thursday. They issued a “buy” rating and a $15.00 price objective on the stock. Weiss Ratings upgraded shares of Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a research note on Monday, August 3rd. Finally, HC Wainwright reiterated a “buy” rating and issued a $25.00 price target on shares of Avidity Biosciences in a research note on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $59.00.

Avidity Biosciences Price Performance

The business has a fifty day moving average price of $10.38 and a 200 day moving average price of $11.92. The company has a market capitalization of $140.30 million and a price-to-earnings ratio of -3.81.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.24. The company had revenue of $3.00 million during the quarter, compared to the consensus estimate of $0.67 million. Research analysts anticipate that Avidity Biosciences, Inc. will post -4.61 earnings per share for the current year.

Institutional Trading of Avidity Biosciences

A hedge fund recently bought a new position in Avidity Biosciences stock. Hsbc Holdings PLC purchased a new stake in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 32,729 shares of the biotechnology company’s stock, valued at approximately $2,360,000.

Avidity Biosciences Company Profile

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.