The trading price of Avidity Biosciences Inc (NASDAQ:RNA) closed lower on Friday, November 15, and closing at $42.18, -15.59% lower than its previous close.
Traders who pay close attention to intraday price movement should know that it fluctuated between $41.84 and $50.32. In examining the 52-week price action we see that the stock hit a 52-week high of $56.00 and a 52-week low of $5.68. Over the past month, the stock has lost -13.07% in value.
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Avidity Biosciences Inc, whose market valuation is $4.25 billion at the time of this writing, is expected to release its quarterly earnings report in December. Investors’ optimism about the company’s current quarter earnings report is understandable.
On the technical side, indicators suggest RNA has a 50% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 50% Buy, while an average of long term indicators suggests that the stock is currently 50% Buy.
Here is the average analyst rating on the stock as represented by 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock should be considered as either strong buy or strong sell respectively. The number of analysts that have assigned RNA a recommendation rating is 6. Out of them, 0 rate it a Hold, while 5 recommend Buy, whereas 1 assign an Overweight rating. 0 analyst(s) have tagged Avidity Biosciences Inc (RNA) as Underweight, while 0 advise Sell. Analysts have rated the stock Buy, likely urging investors to take advantage of the opportunity to add to their holdings of the company’s shares.
A quick review shows that RNA’s price is currently -8.03% off the SMA20 and -6.81% off the SMA50. The RSI metric on the 14-day chart is currently showing 42.17, and weekly volatility stands at 11.59%. When measured over the past 30 days, the indicator reaches 6.62%. Avidity Biosciences Inc (NASDAQ:RNA)’s beta value is currently sitting at 0.94, while the Average True Range indicator is currently displaying 3.32. With analysts defining $50-$59 as the low and high price targets, we arrive at a consensus price target of $54.5 for the trailing 12-month period. The current price is about -18.54% off the estimated low and -39.88% off the forecast high, based on this estimate. Investors will be thrilled if RNA’s share price rises to $54.5, which is the median consensus price. At that level, RNA’s share price would be -29.21% below current price.
To see how Avidity Biosciences Inc stock has been performing in comparison to its peers in the industry, here are the numbers: RNA stock’s performance was -15.59% in the latest trading, and 577.05% in the past year.
An evaluation of the daily trading volume of Avidity Biosciences Inc (NASDAQ:RNA) indicates that the 3-month average is 1.32 million. However, this figure has increased over the past 10 days to an average of 1.45.
Currently, records show that 119.31 million of the company’s shares remain outstanding. The insiders hold 7.24% of outstanding shares, whereas institutions hold 101.07%. The stats also highlight that short interest as of 2024-10-31, stood at 14.66 million shares, resulting in a short ratio of 17.7 at that time. From this, we can conclude that short interest is 1515.00 of the company’s total outstanding shares. It is noteworthy that short shares in October were down slightly from the previous month’s figure, which was 14.77 million. However, since the stock’s price has seen 366.08% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.
