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

Principal Financial Group Inc. cut its holdings in Avidity Biosciences, Inc. (NASDAQ:RNA) by 39.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (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 quarter.

Several other large investors have also modified their holdings of the business. National Bank of Canada FI acquired a new stake in shares of Avidity Biosciences during the third quarter valued at $27,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Avidity Biosciences during the 3rd quarter worth $30,000. Values First Advisors Inc. purchased a new position in shares of Avidity Biosciences during the 3rd quarter worth $32,000. Quarry LP boosted its holdings in shares of Avidity Biosciences by 566.7% during the second quarter. Quarry LP now owns 2,000 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Quest Partners LLC grew its position in shares of Avidity Biosciences by 217.8% in the third quarter. Quest Partners LLC now owns 2,031 shares of the biotechnology company’s stock valued at $93,000 after purchasing an additional 1,392 shares during the period.

Insider Transactions at Avidity Biosciences

In other Avidity Biosciences news, insider Teresa Mccarthy sold 25,000 shares of Avidity Biosciences stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $48.52, for a total transaction of $1,213,000.00. Following the transaction, the insider now owns 94,018 shares of the company’s stock, valued at $4,561,753.36. The trade was a 21.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider W. Michael Flanagan sold 24,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $35.77, for a total value of $858,480.00. Following the completion of the transaction, the insider now owns 85,389 shares in the company, valued at $3,054,364.53. This represents a 21.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 163,071 shares of company stock valued at $6,125,324 over the last three months. Company insiders own 3.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RNA. The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research report on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. Chardan Capital reissued a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Avidity Biosciences in a research note on Wednesday, November 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Finally, HC Wainwright initiated coverage on shares of Avidity Biosciences in a research note on Friday, December 20th. They set a “buy” rating and a $72.00 price objective for the company. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $65.80.

Avidity Biosciences Price Performance

NASDAQ RNA opened at $30.50 on Monday. The firm has a market capitalization of $3.64 billion, a PE ratio of -10.59 and a beta of 0.99. Avidity Biosciences, Inc. has a 12 month low of $8.95 and a 12 month high of $56.00. The company’s 50 day simple moving average is $39.05 and its 200 day simple moving average is $42.08.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.65) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.14. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. The company had revenue of $2.34 million for the quarter, compared to analysts’ expectations of $7.09 million. Sell-side analysts anticipate that Avidity Biosciences, Inc. will post -2.89 earnings per share for the current fiscal year.

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.