SAN DIEGO—Teresa McCarthy, Chief Human Resources Officer at Avidity Biosciences, Inc. (NASDAQ:RNA), recently sold shares of the company's common stock valued at a total of $84,611, according to a filing with the Securities and Exchange Commission. The transaction comes as RNA shares have shown remarkable strength, posting a 196% return over the past year. According to InvestingPro data, the company currently commands a market capitalization of $3.56 billion. The transactions, which took place on January 21, involved a total of 2,959 shares sold at prices ranging from $28.5931 to $28.5968 per share.
The sales were made to cover tax withholding obligations related to the vesting of restricted stock units. This "sell-to-cover" transaction was mandated by Avidity's equity incentive plans and was not a discretionary trade by McCarthy. Following these sales, McCarthy retains ownership of 104,908 shares of Avidity Biosciences stock.
In other recent news, Avidity Biosciences reported Q3 2024 revenues of $175.4 million, slightly exceeding the FactSet consensus. The company 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) initiated or maintained coverage on Avidity Biosciences with Buy and Outperform ratings respectively, reflecting confidence in the company's growth potential.
Avidity Biosciences expanded its sales force by 150 representatives, aiming to broaden its reach among primary care physicians. The company 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, emphasizing the potential of its drugs del-brax and del-desiran, with projected peak sales of $2.7 billion and $4.0 billion, respectively. These are some of the recent developments in Avidity Biosciences' journey.
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