SAN DIEGO—Avidity Biosciences, Inc. (NASDAQ:RNA) Chief Human Resources Officer Teresa McCarthy recently sold shares of the company valued at approximately $364,191. The transaction, executed on December 18, involved the sale of 11,151 shares at an average price of $32.66 per share. The sale comes amid a remarkable year for Avidity's stock, which has surged over 240% year-to-date according to InvestingPro data.
Following the sale, McCarthy holds 82,867 shares of Avidity Biosciences. The shares were sold as part of a "sell-to-cover" transaction to fulfill tax withholding obligations related to the vesting of 25,000 time-based restricted stock units. These units were initially granted as performance-based restricted stock units and converted following the achievement of a performance objective by the company in June 2024. InvestingPro analysis indicates the stock is currently in oversold territory, with strong liquidity metrics showing current assets significantly exceeding short-term obligations.
This transaction was not a discretionary trade by McCarthy but was mandated under the company's equity incentive plans. For deeper insights into insider transactions and comprehensive financial analysis, including 12 additional ProTips, check out the full research report available on InvestingPro.
In other recent news, Avidity Biosciences has experienced significant developments in its operations and financial performance. The biotech company reported third-quarter 2024 revenues of $175.4 million, slightly surpassing estimates, and adjusted its full-year revenue guidance for fiscal year 2024 to a range of $665-685 million. Avidity Biosciences also expanded its sales force by 150 representatives, aiming to broaden its reach among primary care physicians and set a target for its treatment for bipolar depression and major depressive disorder, Caplyta, projecting over $5 billion in sales over the next decade.
RBC (TSX:RY) Capital Markets initiated coverage on Avidity Biosciences with an Outperform rating, while Goldman Sachs (NYSE:GS) and TD (TSX:TD) Cowen reiterated their Buy ratings, highlighting the potential of its drugs del-brax and del-desiran. The U.S. Food and Drug Administration (FDA) lifted the partial clinical hold on Avidity's drug candidate, del-desiran, allowing the continuation of the Phase 3 HARBOR trial.
Avidity Biosciences also announced a $250 million public offering of common stock, managed by Leerink Partners and TD Cowen, to support its clinical programs and advance its research and development. Avidity Biosciences has also initiated a biomarker cohort for its Phase 1/2 FORTITUDE trial, evaluating delpacibart braxlosiran in individuals with facioscapulohumeral muscular dystrophy. These are among the recent developments that have shaped Avidity Biosciences' current standing in the biotech industry.
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