Avidity Biosciences Inc [NASDAQ: RNA] gained 19.92% or 3.04 points to close at $18.30 with a heavy trading volume of 3963528 shares. The company report on February 29, 2024 at 12:00 PM that Avidity Biosciences Honors Rare Disease Day®.
Avidity Biosciences, Inc. (Nasdaq: RNA), a biopharmaceutical company committed to delivering a new class of RNA therapeutics called Antibody Oligonucleotide Conjugates (AOCs™), today announced its support for Rare Disease Day®, highlighting the importance of bringing awareness to the devastating impact rare diseases have on patients, families and caregivers worldwide.
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“Today, on Rare Disease Day, we are proud to join the global community in raising awareness for people living with rare diseases,” said Sarah Boyce, president and chief executive officer at Avidity. “Recently, we had the privilege of hosting individuals affected by rare muscle diseases at Avidity. Their journeys, filled with challenges, determination, and unwavering hope, exemplify the urgency of our mission to profoundly improve people’s lives by revolutionizing a new class of targeted RNA therapeutics. At Avidity, we are committed to listening, learning, and partnering with the patient and advocacy community and look forward to our continued collaboration as we advance our three rare muscle disease clinical programs for DM1, DMD44 and FSHD.”.
The daily chart for RNA points out that the company has recorded 129.04% gains over the past six months.
If we look at the average trading volume of 1.19M shares, RNA reached to a volume of 3963528 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about 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 $37.50 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 1.00. 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.
Evercore ISI have made an estimate for Avidity Biosciences Inc shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on May 22, 2023. The new note on the price target was released on March 31, 2023, representing the official price target for Avidity Biosciences Inc stock. Previously, the target price had yet another raise to $29, while Chardan Capital Markets analysts kept a Buy rating on RNA stock.
The Average True Range (ATR) for Avidity Biosciences Inc is set at 1.12, with the Price to Sales ratio for RNA stock in the period of the last 12 months amounting to 133.73. The Price to Book ratio for the last quarter was 2.62, with the Price to Cash per share for the same quarter was set at 7.32.
Trading performance analysis for RNA stock
Avidity Biosciences Inc [RNA] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 25.86. With this latest performance, RNA shares gained by 55.08% in over the last four-week period, additionally plugging by 129.04% over the last 6 months – not to mention a drop of -22.78% in the past year of trading.
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 79.91, with the RSI for the last a single of trading hit 84.38, and the three-weeks RSI is set at 76.88 for Avidity Biosciences Inc [RNA]. The present Moving Average for the last 50 days of trading for this stock 11.68, while it was recorded at 15.48 for the last single week of trading, and 9.21 for the last 200 days.
Avidity Biosciences Inc [RNA]: A deeper dive into fundamental analysis
Avidity Biosciences Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 11.40 and a Current Ratio set at 11.40.
Avidity Biosciences Inc [RNA]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Avidity Biosciences Inc posted -0.88/share EPS, while the average EPS was predicted by analysts to be reported at -0.89/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 1.10%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for RNA.
An analysis of Institutional ownership at Avidity Biosciences Inc [RNA]
The top three institutional holders of RNA stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in RNA stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in RNA stock with ownership which is approximately 5.8325%.
