Avidity Biosciences Inc (NASDAQ:RNA) price on current trading day, fall -2.77% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $36.88.
A look at the stock’s price movement, the close in the last trading session was $37.93, moving within a range at $36.5414 and $38.1. The beta value (5-Year monthly) was 0.908. Turning to its 52-week performance, $56.00 and $6.79 were the 52-week high and 52-week low respectively. Overall, RNA moved -18.21% over the past month.
Avidity Biosciences Inc’s market cap currently stands at around $4.40 billion, with investors looking forward to this quarter’s earnings report slated for in January.
The average forecast suggests up to a 9.62% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 10.4M, representing a 8.74% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that RNA is a 50% Sell. On the other hand, the stock is on average a 50% Buy as suggested by medium term indicators while long term indicators are putting the stock in Hold category.
6 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 0 analyst(s) rate the stock as a Hold, 5 recommend RNA as a Buy and 1 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
RNA’s current price about -15.86% and -18.04% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 33.55, while 7-day volatility ratio is 5.32% and 7.12% in the 30-day chart. Further, Avidity Biosciences Inc (RNA) has a beta value of 0.89, and an average true range (ATR) of 2.69. Analysts have given the company’s stock an average 52-week price target of $54.5, forecast between a low of $50 and high of $59. Looking at the price targets, the low is -35.57% off current price level while to achieve the yearly target high, price needs to move -59.98%. Nonetheless, investors will most likely welcome a -47.78% jump to $54.5 which is the analysts’ median price.
If we refocus on Avidity Biosciences Inc (NASDAQ:RNA), historical trading data shows that trading volumes averaged 1.01 over the past 10 days and 1.25 million over the past 3 months. The company’s latest data on shares outstanding shows there are 118.90 million shares.
The 9.24% of Avidity Biosciences Inc’s shares are in the hands of company insiders while institutional holders own 101.11% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 14.52 million on 2024-11-15, giving us a short ratio of 13.94. The data shows that as of 2024-11-15 short interest in Avidity Biosciences Inc (RNA) stood at 1501.0001 of shares outstanding, with shares short falling to 14.88 million registered in 2024-10-15. Current price change has pushed the stock 307.51% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the RNA stock continues to rise going into the next quarter.
