SAN DIEGO—Michael Flanagan, the Chief Scientific and Technical Officer of Avidity Biosciences, Inc. (NASDAQ:RNA), executed a stock transaction involving the sale of 12,742 shares of common stock, according to a recent SEC filing. The shares were sold at a weighted-average price of $32.66, amounting to a total transaction value of $416,153. The $3.74 billion market cap company has seen its stock surge over 240% year-to-date, according to InvestingPro data.
The transaction, which took place on December 18, 2024, was part of a "sell-to-cover" arrangement. This arrangement was designed to cover tax withholding obligations related to the vesting and settlement of 25,000 time-based restricted stock units (RSUs). These RSUs were initially granted as performance-based units and converted following the achievement of a performance objective by Avidity Biosciences in June 2024. The company maintains a strong balance sheet with more cash than debt, and a healthy current ratio of 17.76x, as revealed by InvestingPro analysis.
Following the sale, Flanagan retains ownership of 72,647 shares in the company. The sale was not a discretionary trade but a mandated transaction under the company's equity incentive plans, aimed at fulfilling tax obligations through an automatic sale process. Track insider transactions and access 12 additional ProTips for RNA with an InvestingPro subscription.
In other recent news, Avidity Biosciences has reported third-quarter 2024 revenues of $175.4 million, surpassing the FactSet consensus. The company 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 in the third quarter of 2024, aiming to broaden its reach among primary care physicians. Furthermore, 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.
Additionally, the company 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. In terms of analyst ratings, RBC (TSX:RY) Capital initiated coverage on Avidity Biosciences with an Outperform rating, while Goldman Sachs (NYSE:GS) and TD Cowen reiterated their Buy ratings, emphasizing the potential of its drugs del-brax and del-desiran.
Lastly, Avidity Biosciences has commenced a biomarker cohort for its Phase 1/2 FORTITUDE trial, which is evaluating delpacibart braxlosiran in individuals with facioscapulohumeral muscular dystrophy. These developments indicate a significant period of progress for Avidity Biosciences.
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