SAN DIEGO—Avidity Biosciences, Inc. (NASDAQ:RNA) Chief Human Resources Officer Teresa McCarthy recently sold approximately $364,191 worth of company stock. The transaction, which took place on December 18, involved the sale of 11,151 shares at an average price of $32.66. The sale comes amid a remarkable year for Avidity’s stock, which is up 240% year-to-date, according to InvestingPro data.
After the sale, McCarthy owns 82,867 shares of Avidity Biosciences. The shares were sold as part of a “sell-over” transaction to satisfy the withholding obligations associated with the vesting of 25,000 time-based restricted stock units. These units were initially granted as performance-based restricted stock units and converted upon the Company’s achievement of the target in June 2024. InvestingPro analysis shows that the stock is currently in oversold territory, with a strong liquidity metric that shows current assets significantly exceeding short-term liabilities.
The transaction was not McCarthy’s discretionary trade, but was mandated by the company’s equity incentive plans. For more in-depth information on insider trading 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 revenue of $175.4 million, slightly above estimates, and adjusted for fiscal 2024 full-year revenue in the range of $665 million to $685 million. Avidity Biosciences also expanded its sales base to 150 locations, aimed to expand among primary care physicians, and established a treatment for bipolar depression and major depressive disorder, Caplyta, which projects sales of more than $5 billion over the next decade.
RBC Capital Markets initiated coverage on Avidity Biosciences with an outperform rating, while Goldman Sachs and TD Cowen reiterated their Buy ratings, highlighting the potential of its drugs del-brax and del-desiran. The US Food and Drug Administration (FDA) has lifted a partial clinical hold on Avidity’s drug candidate, Del-Desiran, allowing the HARBOR Phase 3 trial to proceed.
Avidity Biosciences also announced a $250 million public offering of common stock, led by Leerink Partners and TD Cowen, to support its clinical programs and advance research and development. Avidity Biosciences also initiated a biomarker cohort for its Phase 1/2 FORTITUDE study evaluating delpacibart braxlosiran in individuals with facioscapulohumeral muscular dystrophy. These are among the recent developments that have shaped Avidity Biosciences’ current position in the biotech industry.
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