SAN DIEGO—Kathleen P. Gallagher, Chief Program Officer at Avidity Biosciences, Inc. (NASDAQ:RNA), has sold shares of the company worth $206,799, according to a recent filing with the Securities and Exchange Commission. The transactions occurred on January 21 and 22, 2025. The sale comes as RNA shares have surged nearly 197% over the past year, with analysts setting price targets ranging from $51 to $96. InvestingPro analysis reveals 8 additional key insights about RNA's financial health and valuation metrics.
The sales involved multiple transactions of common stock, with prices ranging from $28.59 to $30.1609 per share. Following these sales, Gallagher retains ownership of 50,554 shares in the company. The $3.56 billion market cap company maintains a strong liquidity position, with current assets significantly exceeding short-term obligations.
The transactions were part of a pre-arranged trading plan under Rule 10b5-1, adopted in June 2024, which allows insiders to set up a predetermined schedule for trading company stock. Additionally, some of the shares were sold to cover tax obligations related to the vesting of restricted stock units. Track comprehensive insider trading patterns and access detailed financial analysis through InvestingPro's exclusive research reports.
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 coverage on Avidity Biosciences with Buy and Outperform ratings, setting price targets of $72.00, $67.00, and $59.00 respectively.
Avidity Biosciences has also seen significant progress in its clinical trials. 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.
Avidity Biosciences has expanded its sales force by 150 representatives, aiming to broaden its reach among primary care physicians. The company 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 among the recent developments in Avidity Biosciences.
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