SAN DIEGO—Avidity Biosciences, Inc. (NASDAQ: RNA) Chief Human Sources Officer Teresa McCarthy not too long ago offered shares of the corporate valued at roughly $364,191. The transaction, executed on December 18, consisted of the sale of 11,151 shares at a mean worth of $32.66 per share. The sale comes amid a exceptional yr for Avidity shares, which have surged greater than 240% yr up to now, in line with InvestPro knowledge.
Following the sale, McCarthy owns 82,867 shares of Avidity Biosciences. The shares had been offered in a “sale to cowl” transaction to fulfill withholding tax obligations associated to the acquisition of 25,000 items of time-limited restricted inventory. These items had been initially granted within the type of performance-related restricted shares and transformed following the corporate’s achievement of a efficiency goal in June 2024. InvestPro The evaluation signifies that the inventory is presently in oversold territory, with robust liquidity indicators displaying that present belongings considerably exceed short-term obligations.
This transaction was not a discretionary transaction by McCarthy, however was mandated by the corporate’s inventory incentive plans. For extra in-depth insider buying and selling insights and full monetary evaluation, together with 12 further ProTips, view the total analysis report obtainable at InvestPro.
Moreover, Avidity Biosciences has skilled important developments in its operations and monetary efficiency. The biotechnology firm reported third-quarter 2024 income of $175.4 million, barely beating estimates, and adjusted its full-year 2024 income steerage to a variety of 665 to 685 million {dollars}. Avidity Biosciences additionally expanded its gross sales drive by 150 representatives, aiming to broaden its attain amongst main care physicians and set a goal for its bipolar despair and main depressive dysfunction remedy, Caplyta, projecting a enterprise of greater than $5 billion over the subsequent decade.
RBC Capital Markets initiated protection on Avidity Biosciences with an outperform ranking, whereas Goldman Sachs and TD Cowen reiterated their purchase rankings, highlighting the potential of its medication del-brax and del-desiran. The U.S. Meals and Drug Administration (FDA) has lifted the partial scientific maintain on Avidity’s drug candidate del-desiran, permitting the Part 3 HARBOR trial to proceed.
Avidity Biosciences additionally introduced a $250 million public providing of widespread inventory, managed by Leerink Companions and TD Cowen, to help its scientific applications and advance its analysis and improvement. Avidity Biosciences additionally launched a biomarker cohort for its part 1/2 FORTITUDE trial, evaluating delpacibart braxlosiran in people with facioscapulohumeral muscular dystrophy. These are a few of the latest developments which have formed Avidity Biosciences’ present place within the biotechnology trade.
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