Avidity Biosciences, Inc. (NASDAQ:RNA) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its position in shares of Avidity Biosciences, Inc. (NASDAQ:RNA) by 39.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,040 shares of the biotechnology company’s stock after selling 6,484 shares during the quarter. Principal Financial Group Inc.’s holdings in Avidity Biosciences were worth $461,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. D. E. Shaw & Co. Inc. lifted its holdings in shares of Avidity Biosciences by 2,263.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 739,039 shares of the biotechnology company’s stock valued at $30,190,000 after buying an additional 707,773 shares during the period. Sofinnova Investments Inc. purchased a new stake in Avidity Biosciences in the 2nd quarter worth approximately $875,000. Darwin Global Management Ltd. acquired a new stake in shares of Avidity Biosciences during the 2nd quarter worth approximately $8,108,000. American Century Companies Inc. increased its holdings in shares of Avidity Biosciences by 18.5% during the 2nd quarter. American Century Companies Inc. now owns 164,631 shares of the biotechnology company’s stock valued at $6,725,000 after purchasing an additional 25,663 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new position in shares of Avidity Biosciences in the 1st quarter valued at $949,000.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Chardan Capital restated a “buy” rating and set a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Evercore ISI lowered their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 26th. The Goldman Sachs Group initiated coverage on Avidity Biosciences in a report on Tuesday, September 24th. They issued a “buy” rating and a $59.00 price objective on the stock. Finally, Barclays started coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price on the stock. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $63.22.

Avidity Biosciences Stock Up 1.6 %

RNA opened at $43.25 on Monday. Avidity Biosciences, Inc. has a 52 week low of $5.97 and a 52 week high of $56.00. The business has a 50 day moving average price of $45.44 and a two-hundred day moving average price of $41.01. The company has a market cap of $5.16 billion, a PE ratio of -15.02 and a beta of 0.91.

Avidity Biosciences (NASDAQ:RNA) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.14. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. The firm had revenue of $2.34 million during the quarter, compared to the consensus estimate of $7.09 million. As a group, sell-side analysts expect that Avidity Biosciences, Inc. will post -2.84 EPS for the current fiscal year.

Insider Activity

In other Avidity Biosciences news, Director Arthur A. Levin sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $45.73, for a total transaction of $228,650.00. Following the transaction, the director now owns 14,830 shares of the company’s stock, valued at $678,175.90. This trade represents a 25.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sarah Boyce sold 32,880 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $44.00, for a total value of $1,446,720.00. Following the sale, the chief executive officer now owns 234,663 shares of the company’s stock, valued at $10,325,172. This represents a 12.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 150,866 shares of company stock worth $6,724,557 over the last 90 days. 3.68% of the stock is currently owned by corporate insiders.

About Avidity Biosciences

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.