Sarah Boyce, President and CEO of Avidity Biosciences, Inc. (NASDAQ:RNA), recently sold shares of the company's common stock valued at approximately $297,291. The transactions, disclosed in a recent SEC filing, occurred on January 21, 2025. The shares were sold at a weighted-average price range of $28.5932 to $28.5946. The stock, which has delivered an impressive 196% return over the past year, currently trades at $30.13. According to InvestingPro analysis, the company appears to be trading near its Fair Value.
The sale involved two separate transactions. In the first, Boyce sold 4,738 shares, and in the second, she sold 5,659 shares. These sales were executed to cover tax withholding obligations related to the vesting of restricted stock units (RSUs) and were not discretionary trades by Boyce. Following these transactions, Boyce retains ownership of 337,411 shares of Avidity Biosciences, demonstrating continued confidence in the $3.56 billion market cap company. InvestingPro data reveals strong analyst support with a bullish consensus rating of 1.36 (where 1 is Strong Buy).
The transactions were part of a "sell-to-cover" arrangement under the company's equity incentive plans, aimed at satisfying tax obligations automatically. The company maintains robust liquidity with a current ratio of 17.76, indicating strong financial flexibility. Discover more insights about RNA's financial health and growth potential through the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Avidity Biosciences has reported third-quarter 2024 revenues of $175.4 million, slightly surpassing the FactSet consensus. The company has adjusted its full-year revenue guidance for fiscal year 2024 to a range of $665-685 million. H.C. Wainwright, RBC (TSX:RY) Capital Markets, and Goldman Sachs (NYSE:GS) have initiated coverage on Avidity Biosciences with Buy and Outperform ratings, setting price targets ranging from $59 to $72. In addition, Avidity Biosciences has expanded its sales force by 150 representatives and set a sales target for its treatment for bipolar depression and major depressive disorder, Caplyta, projecting over $5 billion in sales over the next decade.
The U.S. Food and Drug Administration lifted the partial clinical hold on Avidity's drug candidate, del-desiran, allowing the continuation of the Phase 3 HARBOR trial. The company also announced a $250 million public offering of common stock, managed by Leerink Partners and TD (TSX:TD) Cowen, to support its clinical programs and advance its research and development. Goldman Sachs and TD Cowen reiterated their Buy rating on Avidity's stock, with projected peak sales of $2.7 billion and $4.0 billion for its drugs del-brax and del-desiran, respectively. These are recent developments in Avidity Biosciences.
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