Avidity Biosciences Inc (NASDAQ:RNA) shares, rose in value, with the stock price down by -11.07% to the previous day’s close as strong demand from buyers drove the stock to $23.69.
Actively observing the price movement in the last trading, the stock closed the session at $26.64. The value of beta (5-year monthly) was 0.71. Referring to stock’s 52-week performance, its high was $27.66, and the low was $4.82. On the whole, RNA has fluctuated by 23.77% over the past month.
With the market capitalization of Avidity Biosciences Inc currently standing at about $1.89 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 07, 2024 – May 13, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.78, which is expected to increase to -$0.67 for fiscal year -$3.2 and then to about -$3.53 by fiscal year 2025. Data indicates that the EPS growth is expected to be -10.00% in 2025, while the next year’s EPS growth is forecast to be -10.30%.
According to the average forecast, sales growth in current quarter could jump up 31.20%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $10.24 million, representing an increase of 7.10% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that RNA’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of RNA currently trading nearly -0.36% and 33.37% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 56.43, while the 7-day volatility ratio is showing 10.59% which for the 30-day chart, stands at 7.71%. Furthermore, Avidity Biosciences Inc (RNA)’s beta value is 0.76, and its average true range (ATR) is 1.83.
A comparison of Avidity Biosciences Inc (RNA) with its peers suggests the former has fared considerably weaker in the market. RNA showed an intraday change of -11.07% in last session, and over the past year, it grew by 54.03%%.
Data on historical trading for Avidity Biosciences Inc (NASDAQ:RNA) indicates that the trading volumes over the past 10 days have averaged 1.15 million and over the past 3 months, they’ve averaged 1.22 million. According to company’s latest data on outstanding shares, there are 79.28 million shares outstanding.
Nearly 11.30% of Avidity Biosciences Inc’s shares belong to company insiders and institutional investors own 98.38% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 8.62 million shares as on Mar 15, 2024, resulting in a short ratio of 5.79. According to the data, the short interest in Avidity Biosciences Inc (RNA) stood at 10.81% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 7.73 million. The stock has risen by 161.77% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the RNA stock heading into the next quarter.
