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Avidity Biosciences Inc. (NASDAQ: RNA) Has Succeeded In Generating Interest In 2023, The Stock Is Down -7.57% Year-To-Date

Avidity Biosciences Inc. (NASDAQ:RNA)’s traded shares stood at 4.16 million during the last session. At the close of trading, the stock’s price was $20.51, to imply a decrease of -1.11% or -$0.23 in intraday trading. The RNA share’s 52-week high remains $25.74, putting it -25.5% down since that peak but still an impressive 52.07% since price per share fell to its 52-week low of $9.83. The company has a valuation of $1.48B, with an average of 1.19 million shares in intraday trading volume over the past 10 days and average of 935.02K shares over the past 3 months.

Avidity Biosciences Inc. (NASDAQ:RNA) trade information

After registering a -1.11% downside in the last session, Avidity Biosciences Inc. (RNA) has traded red over the past five days. The stock hit a weekly high of 22.46 this Friday, 03/17/23, dropping -1.11% in its intraday price action. The 5-day price performance for the stock is -0.10%, and -16.96% over 30 days. With these gigs, the year-to-date price performance is -7.57%. Short interest in Avidity Biosciences Inc. (NASDAQ:RNA) saw shorts transact 7.87 million shares and set a 1.81 days time to cover.

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Avidity Biosciences Inc. (RNA) estimates and forecasts

Looking at statistics comparing Avidity Biosciences Inc. share performance against respective industry, we note that the company has underperformed competitors. Avidity Biosciences Inc. (RNA) shares are -3.25% down over the last 6 months, with its year-to-date growth rate lower than industry average at -4.79% against 9.60%. Revenue is forecast to shrink -8.50% this quarter before falling -25.40% for the next one. The rating firms project that company’s revenue will shrink -7.00% compared to the previous financial year.

Revenue forecast for the current quarter as set by 5 analysts is $2.31 million. Meanwhile, for the quarter ending Mar 2023, a total of 4 analyst(s) estimate revenue growth to $2.22 million.Earnings reports from the last fiscal year show that sales brought in $1.85 million and $1.79 million respectively in the corresponding quarters. In this case, analysts estimate current quarter sales to rise 24.70% before jumping 23.70% in the following quarter.

RNA Dividends

Avidity Biosciences Inc. has its next earnings report out between May 08 and May 12. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Avidity Biosciences Inc. has a forward dividend ratio of 0, with the share yield ticking at 0.00% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.

Avidity Biosciences Inc. (NASDAQ:RNA)’s Major holders

Avidity Biosciences Inc. insiders hold 5.49% of total outstanding shares, with institutional holders owning 94.05% of the shares at 99.51% float percentage. In total, 94.05% institutions holds shares in the company, led by Price (T.Rowe) Associates Inc. As of Sep 29, 2022, the company held over 5.17 million shares (or 9.49% of shares), all amounting to roughly $84.41 million.

The next major institution holding the largest number of shares is RTW Investments LP with 5.17 million shares, or about 9.49% of shares outstanding. As of the market price on Sep 29, 2022, these shares were worth $84.44 million.

We also have Price (T.Rowe) New Horizons Fund and SPDR (R) Ser Tr-SPDR (R) S&P (R) Biotech ETF as the top two Mutual Funds with the largest holdings of the Avidity Biosciences Inc. (RNA) shares. Going by data provided on Sep 29, 2022, Price (T.Rowe) New Horizons Fund holds roughly 3.09 million shares. This is just over 5.66% of the total shares, with a market valuation of $50.38 million. Data from the same date shows that the other fund manager holds a little less at 2.3 million, or 4.23% of the shares, all valued at about 51.1 million.

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