Steven George Hughes, the Chief Medical (TASE:PMCN) Officer of Avidity Biosciences, Inc. (NASDAQ:RNA), recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The transaction, which took place on January 21, involved the sale of 3,947 shares of common stock, generating a total of $112,856. The company, currently valued at $3.56 billion, has seen its stock surge nearly 197% over the past year, according to InvestingPro data.
The shares were sold at prices ranging from $28.5906 to $28.5955 per share. This sale was part of a pre-arranged plan to cover tax withholding obligations related to the vesting of restricted stock units (RSUs) on January 20. As a result of the transaction, Hughes now holds 82,428 shares of Avidity Biosciences. The company maintains a strong financial position with more cash than debt and a healthy current ratio of 17.76x, as revealed by InvestingPro analysis.
These transactions were executed automatically and were not discretionary trades by Hughes, as they were mandated by the company's equity incentive plans. With analyst price targets ranging from $51 to $96 per share, investors seeking deeper insights into RNA's valuation and growth prospects can access comprehensive analysis through InvestingPro's detailed research reports.
In other recent news, Avidity Biosciences reported third-quarter 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. Analyst firms H.C. Wainwright, RBC Capital Markets, and Goldman Sachs initiated or maintained coverage on Avidity Biosciences with Buy or Outperform ratings, setting price targets ranging from $59.00 to $72.00.
Avidity Biosciences has expanded its sales force by 150 representatives and 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 has 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. Goldman Sachs and TD Cowen reiterated their Buy rating on Avidity's stock, with projected peak sales of $2.7 billion and $4.0 billion for its drugs del-brax and del-desiran, respectively. These are the recent developments in Avidity Biosciences.
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