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Michael F. MacLean, Chief Financial Officer of Avidity Biosciences, Inc. (NASDAQ:RNA), a $3.7 billion market cap biotech company, recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, MacLean sold 7,935 shares of common stock on March 20, 2025, at a weighted-average price of $31.0554 per share, amounting to a total transaction value of approximately $246,424. The stock is currently trading near its Fair Value according to InvestingPro analysis.
This sale was conducted to cover tax withholding obligations associated with the vesting and settlement of 25,000 restricted stock units (RSUs) that vested on March 19, 2025. These RSUs were initially granted as performance-based units and converted to time-based RSUs following the achievement of a performance objective by Avidity Biosciences in September 2024. The transaction was a mandatory "sell-to-cover" arrangement under the company’s equity incentive plans and was not a discretionary trade by MacLean. InvestingPro data shows the company maintains a strong balance sheet with a healthy current ratio of 15.7x and minimal debt.
Following this transaction, MacLean retains ownership of 96,720 shares of Avidity Biosciences stock. Analysts maintain a bullish outlook on RNA with a consensus Strong Buy recommendation and price targets ranging from $48 to $96. For deeper insights into RNA’s valuation and growth prospects, access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, Avidity Biosciences has reported significant progress in its Phase 1/2 EXPLORE44 trial for del-zota, a treatment targeting Duchenne muscular dystrophy (DMD) exon 44. The trial demonstrated notable improvements in dystrophin production and other biomarkers, with favorable safety and tolerability across different dosage cohorts. These results are paving the way for a planned Biologics License Application (BLA) submission at the end of 2025, with anticipated approval in 2026. Analysts have responded positively to these developments, with Citi maintaining a Buy rating and a $70 price target, and H.C. Wainwright reaffirming a $72 price target. Additionally, BMO Capital Markets initiated coverage with an Outperform rating, also setting a price target of $72, citing the company’s potential in addressing neuromuscular disorders. Scotiabank (TSX:BNS) has similarly started coverage with a Sector Outperform rating and a $70 target, noting the promising portfolio of therapies in Avidity’s pipeline. These therapies, including del-zota, are seen as potential blockbusters in markets lacking approved treatments. The collective analyst sentiment reflects confidence in Avidity’s strategic direction and the prospects of its drug pipeline.
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