Avidity Biosciences Inc (NASDAQ: RNA): Reassessing Prospects

Avidity Biosciences Inc (RNA) concluded trading on Thursday at a closing price of $18.30, with 3.96 million shares of worth about $72.53 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 129.04% during that period and on Thursday the price saw a gain of about 19.92%. Currently the company’s common shares owned by public are about 69.77M shares, out of which, 65.82M shares are available for trading.

According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 2 times over the past 12 months. They bought 100 shares in 1 of the transactions. In 1 selling transactions, insiders dumped 100 shares.

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Stock saw a price change of 25.86% in past 5 days and over the past one month there was a price change of 55.08%. Year-to-date (YTD), RNA shares are showing a performance of 102.21% which decreased to -22.78% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $4.82 but also hit the highest price of $25.38 during that period. The average intraday trading volume for Avidity Biosciences Inc shares is 1.19 million. The stock is currently trading 36.05% above its 20-day simple moving average (SMA20), while that difference is up 59.33% for SMA50 and it goes to 99.41% higher than SMA200.

Avidity Biosciences Inc (NASDAQ: RNA) currently have 69.77M outstanding shares and institutions hold larger chunk of about 100.35% of that.

The stock has a current market capitalization of $1.36B and its 3Y-monthly beta is at 0.62. It has posted earnings per share of -$2.99 in the same period. It has Quick Ratio of 11.40 while making debt-to-equity ratio of 0.02. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for RNA, volatility over the week remained 7.32% while standing at 6.71% over the month.

Analysts are in expectations that Avidity Biosciences Inc (RNA) stock would likely to be making an EPS of -$0.66 in the current quarter, while forecast for next quarter EPS is -$0.83 and it is -$3.51 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.88 which is $0.07 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.88 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -12.03% while it is estimated to decrease by -8.23% in next year.

Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Evercore ISI on May 22, 2023 offering an Outperform rating for the stock and assigned a target price of $20 to it. Coverage by Evercore ISI stated Avidity Biosciences Inc (RNA) stock as an In-line in their note to investors on March 31, 2023, suggesting a price target of $20 for the stock. On July 20, 2022, Chardan Capital Markets Initiated their recommendations, while on July 12, 2022, Raymond James Initiated their ratings for the stock with a price target of $29. Stock get an Outperform rating from Evercore ISI on September 07, 2021.

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