Avidity Biosciences (NASDAQ:RNA) Shares Pass Below 200 Day Moving Average – Should You Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA)’s share price passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $12.93 and traded as low as $9.44. Avidity Biosciences shares last traded at $9.56, with a volume of 569,617 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Cantor Fitzgerald began coverage on shares of Avidity Biosciences in a report on Thursday, June 18th. They set an “overweight” rating and a $25.00 price objective for the company. HC Wainwright reissued a “buy” rating and issued a $25.00 target price on shares of Avidity Biosciences in a research note on Friday, August 14th. Zacks Research raised shares of Avidity Biosciences to a “hold” rating in a research report on Friday, June 19th. Wall Street Zen upgraded shares of Avidity Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. Finally, Weiss Ratings raised Avidity Biosciences from a “sell (e-)” rating to a “sell (e)” rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $63.75.

Avidity Biosciences Stock Down 6.4%

The company has a market capitalization of $153.10 million and a P/E ratio of -4.16. The stock has a fifty day simple moving average of $12.18 and a 200-day simple moving average of $12.91.

Avidity Biosciences (NASDAQ:RNA) last posted its earnings results on Thursday, August 13th. The biotechnology company reported ($1.18) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.24. The firm had revenue of $3.00 million during the quarter, compared to the consensus estimate of $0.67 million. Analysts predict that Avidity Biosciences, Inc. will post -5.08 earnings per share for the current fiscal year.

Institutional Trading of Avidity Biosciences

Several hedge funds have recently modified their holdings of RNA. Balyasny Asset Management L.P. acquired a new position in shares of Avidity Biosciences in the 4th quarter worth approximately $435,708,000. Goldman Sachs Group Inc. raised its position in Avidity Biosciences by 118.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,776,785 shares of the biotechnology company’s stock valued at $272,420,000 after purchasing an additional 2,044,316 shares during the last quarter. Geode Capital Management LLC raised its position in Avidity Biosciences by 9.2% in the 4th quarter. Geode Capital Management LLC now owns 3,120,780 shares of the biotechnology company’s stock valued at $225,145,000 after purchasing an additional 262,731 shares during the last quarter. Norges Bank acquired a new position in Avidity Biosciences in the fourth quarter worth $219,736,000. Finally, Magnetar Financial LLC bought a new stake in shares of Avidity Biosciences during the fourth quarter worth $83,570,000.

About Avidity Biosciences

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.