Principal Financial Group Inc. Sells 6,484 Shares of Avidity Biosciences, Inc. (NASDAQ:RNA)

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

Several other large investors also recently modified their holdings of the stock. Sei Investments Co. grew its holdings in shares of Avidity Biosciences by 15.4% during the first quarter. Sei Investments Co. now owns 36,635 shares of the biotechnology company’s stock valued at $935,000 after buying an additional 4,881 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in Avidity Biosciences by 4.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,186 shares of the biotechnology company’s stock valued at $541,000 after purchasing an additional 920 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Avidity Biosciences by 7.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,429,107 shares of the biotechnology company’s stock worth $189,592,000 after purchasing an additional 516,446 shares in the last quarter. Bayesian Capital Management LP purchased a new stake in shares of Avidity Biosciences in the first quarter worth approximately $949,000. Finally, Janus Henderson Group PLC lifted its holdings in shares of Avidity Biosciences by 4,661.3% in the first quarter. Janus Henderson Group PLC now owns 1,242,833 shares of the biotechnology company’s stock valued at $31,704,000 after purchasing an additional 1,216,730 shares in the last quarter.

Avidity Biosciences Stock Up 1.6 %

Shares of Avidity Biosciences stock opened at $43.25 on Monday. Avidity Biosciences, Inc. has a twelve month low of $5.97 and a twelve month high of $56.00. The company has a market cap of $5.16 billion, a price-to-earnings ratio of -15.02 and a beta of 0.91. The company’s 50 day moving average is $45.44 and its 200 day moving average is $41.01.

Avidity Biosciences (NASDAQ:RNA) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.65) EPS for the quarter, topping 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 firm had revenue of $2.34 million during the quarter, compared to analyst estimates of $7.09 million. Sell-side analysts expect that Avidity Biosciences, Inc. will post -2.84 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Sarah Boyce sold 32,880 shares of the firm’s stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 234,663 shares in the company, valued at $10,325,172. This trade represents a 12.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Teresa Mccarthy sold 25,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $41.14, for a total transaction of $1,028,500.00. Following the completion of the sale, the insider now owns 94,018 shares of the company’s stock, valued at $3,867,900.52. This trade represents a 21.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 150,866 shares of company stock worth $6,724,557. 3.68% of the stock is owned by insiders.

Analyst Ratings Changes

RNA has been the subject of a number of recent analyst reports. TD Cowen upped their price objective on shares of Avidity Biosciences from $56.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 21st. Chardan Capital reaffirmed a “buy” rating and set a $65.00 price target on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research report on Wednesday, November 13th. Barclays initiated coverage on Avidity Biosciences in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $63.00 price objective for the company. Finally, The Goldman Sachs Group assumed coverage on Avidity Biosciences in a research note on Tuesday, September 24th. They set a “buy” rating and a $59.00 target price on the stock. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avidity Biosciences currently has an average rating of “Buy” and an average target price of $63.22.

Avidity Biosciences Company Profile

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.