Avidity Biosciences Inc. [RNA] Stock trading around $25.87 per share: What’s Next?

Avidity Biosciences Inc. [NASDAQ: RNA] stock went on an upward path that rose over 16.32% on Friday, amounting to a one-week price increase of more than 16.37%. The company report on February 18, 2021 that Avidity Biosciences to Present at the 10th Annual SVB Leerink Global Healthcare Conference.

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Avidity Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company pioneering a new class of oligonucleotide-based therapies called Antibody Oligonucleotide Conjugates (AOCs™), announced that Sarah Boyce, President and Chief Executive Officer, and Art Levin, Ph.D., Chief Scientific Officer, will participate in a fireside chat at the 10th Annual SVB Leerink Global Healthcare Conference on Wednesday, February 24th, 2021 at 2:00pm PST. The conference is being held in a virtual format.

A live webcast of the virtual fireside chat will be available on the Company’s website at www.aviditybiosciences.com in the Investors section. A replay of the fireside chat will be archived on the site for 90 days.

The one-year Avidity Biosciences Inc. stock forecast points to a potential upside of 41.64. The average equity rating for RNA stock is currently 1.70, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $834.57 million, with 37.42 million shares outstanding and 32.19 million shares in the current float. Compared to the average trading volume of 259.81K shares, RNA stock reached a trading volume of 2042071 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Avidity Biosciences Inc. [RNA]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RNA shares is $44.33 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RNA stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Wells Fargo have made an estimate for Avidity Biosciences Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on July 07, 2020. The new note on the price target was released on July 07, 2020, representing the official price target for Avidity Biosciences Inc. stock.

The Average True Range (ATR) for Avidity Biosciences Inc. is set at 1.56, with the Price to Sales ratio for RNA stock in the period of the last 12 months amounting to 137.04. The Price to Book ratio for the last quarter was 3.02, with the Price to Cash per share for the same quarter was set at 10.57.

RNA Stock Performance Analysis:

Avidity Biosciences Inc. [RNA] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 16.37. With this latest performance, RNA shares dropped by -4.26% in over the last four-week period, additionally sinking by -16.90% over the last 6 months.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RNA stock in for the last two-week period is set at 57.93, with the RSI for the last a single of trading hit 66.70, and the three-weeks RSI is set at 52.95 for Avidity Biosciences Inc. [RNA]. The present Moving Average for the last 50 days of trading for this stock 26.51, while it was recorded at 23.15 for the last single week of trading.

Insight into Avidity Biosciences Inc. Fundamentals:

Avidity Biosciences Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 25.20 and a Current Ratio set at 25.20.

Avidity Biosciences Inc. [RNA] Insider Position Details

There are presently around $801 million, or 83.60% of RNA stock, in the hands of institutional investors. The top three institutional holders of RNA stocks are: RTW INVESTMENTS, LP with ownership of 3,995,000, which is approximately 0% of the company’s market cap and around 0.20% of the total institutional ownership; FMR LLC, holding 3,424,135 shares of the stock with an approximate value of $88.58 million in RNA stocks shares; and CORMORANT ASSET MANAGEMENT, LP, currently with $63.76 million in RNA stock with ownership of nearly -1.988% of the company’s market capitalization.

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51 institutional holders increased their position in Avidity Biosciences Inc. [NASDAQ:RNA] by around 5,303,268 shares. Additionally, 29 investors decreased positions by around 1,376,437 shares, while 15 investors held positions by with 24,270,129 shares. The mentioned changes placed institutional holdings at 30,949,834 shares, according to the latest SEC report filing. RNA stock had 28 new institutional investments in for a total of 3,178,221 shares, while 14 institutional investors sold positions of 981,179 shares during the same period.

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