SAN DIEGO—Avidity Biosciences, Inc. (NASDAQ:RNA) Chief Human Sources Officer Teresa McCarthy lately bought shares of the corporate valued at roughly $364,191. The transaction, executed on December 18, concerned the sale of 11,151 shares at a median value of $32.66 per share. The sale comes amid a outstanding 12 months for Avidity’s inventory, which has surged over 240% year-to-date based on InvestingPro information.
Following the sale, McCarthy holds 82,867 shares of Avidity Biosciences. The shares have been bought as a part of a “sell-to-cover” transaction to satisfy tax withholding obligations associated to the vesting of 25,000 time-based restricted inventory models. These models have been initially granted as performance-based restricted inventory models and transformed following the achievement of a efficiency goal by the corporate in June 2024. InvestingPro evaluation signifies the inventory is presently in oversold territory, with robust liquidity metrics displaying present property considerably exceeding short-term obligations.
This transaction was not a discretionary commerce by McCarthy however was mandated beneath the corporate’s fairness incentive plans. For deeper insights into insider transactions and complete monetary evaluation, together with 12 further ProTips, try the total analysis report out there on InvestingPro.
In different latest information, Avidity Biosciences has skilled vital developments in its operations and monetary efficiency. The biotech firm reported third-quarter 2024 revenues of $175.4 million, barely surpassing estimates, and adjusted its full-year income steering for fiscal 12 months 2024 to a variety of $665-685 million. Avidity Biosciences additionally expanded its gross sales pressure by 150 representatives, aiming to broaden its attain amongst main care physicians and set a goal for its remedy for bipolar despair and main depressive dysfunction, Caplyta, projecting over $5 billion in gross sales over the following decade.
RBC Capital Markets initiated protection on Avidity Biosciences with an Outperform ranking, whereas Goldman Sachs and TD Cowen reiterated their Purchase scores, highlighting the potential of its medicine del-brax and del-desiran. The U.S. Meals and Drug Administration (FDA) lifted the partial medical maintain on Avidity’s drug candidate, del-desiran, permitting the continuation of the Part 3 HARBOR trial.
Avidity Biosciences additionally introduced a $250 million public providing of frequent inventory, managed by Leerink Companions and TD Cowen, to help its medical packages and advance its analysis and improvement. Avidity Biosciences has additionally initiated a biomarker cohort for its Part 1/2 FORTITUDE trial, evaluating delpacibart braxlosiran in people with facioscapulohumeral muscular dystrophy. These are among the many latest developments which have formed Avidity Biosciences’ present standing within the biotech trade.
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