Michael F. MacLean, Chief Financial Officer of Avidity Biosciences, Inc. (NASDAQ:RNA), recently sold shares of the company stock valued at approximately $93,985. The transactions occurred on January 21, 2025, as disclosed in a recent SEC filing. The stock, currently trading at $30.13, has shown remarkable strength with a 196% return over the past year, according to InvestingPro data.
MacLean sold a total of 3,287 shares at prices ranging from $28.59 to $29.08. The sales were part of a pre-arranged plan to cover tax withholding obligations related to the vesting of restricted stock units (RSUs) on January 20, 2025. This "sell-to-cover" transaction was mandated by Avidity Biosciences' equity incentive plans and did not represent a discretionary trade by MacLean. The $3.56 billion biotech company currently maintains a FAIR financial health score, with analysts setting price targets ranging from $51 to $96.
Following these transactions, MacLean holds 104,655 shares of Avidity Biosciences common stock. For comprehensive analysis of RNA's insider trading patterns and financial metrics, access the full InvestingPro Research Report, which covers 1,400+ top US stocks.
In other recent news, Avidity Biosciences reported third-quarter 2024 revenues of $175.4 million, slightly surpassing the FactSet consensus. The company adjusted its full-year revenue guidance for fiscal year 2024 to a range of $665-685 million. Analyst firms H.C. Wainwright, RBC Capital Markets, and Goldman Sachs have initiated or maintained coverage on Avidity Biosciences with Buy and Outperform ratings. 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. 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. The company also expanded its sales force by 150 representatives, aiming to broaden its reach among primary care physicians. The company has 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. These are the recent developments in Avidity Biosciences.
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