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Steven George Hughes, Chief Medical (TASE:BLWV) Officer of Avidity Biosciences, Inc. (NASDAQ:RNA), reported the sale of 9,578 shares of common stock, totaling approximately $297,490. The shares were sold at an average price of $31.0598 per share, in transactions executed on March 20, 2025. According to InvestingPro data, RNA shares are trading near $30.84, with the company commanding a market capitalization of $3.71 billion.
The sale was conducted to cover tax withholding obligations related to the vesting of 25,000 restricted stock units (RSUs) that vested on March 19, 2025. These RSUs, initially granted as performance-based units, were converted to time-based RSUs following the achievement of a performance objective by Avidity Biosciences in September 2024. This transaction was part of a pre-planned "sell-to-cover" strategy, mandated by the company’s equity incentive plans, and not a discretionary trade by Hughes.
Following this transaction, Hughes holds 72,850 shares of Avidity Biosciences common stock.
In other recent news, Avidity Biosciences has reported positive results from its phase 1/2 EXPLORE44 trial for del-zota, a treatment targeting Duchenne muscular dystrophy exon 44. The trial showed significant improvements in dystrophin production, with 37% exon skipping at a 5mg/kg dosage and 43% at 10mg/kg, alongside favorable safety profiles. These results support the company’s plans to file a Biologics License Application by the end of 2025. Following this news, Citi reiterated a Buy rating with a $70 price target, while H.C. Wainwright maintained a $72 price target, both highlighting the trial’s promising data. Additionally, BMO Capital Markets initiated coverage with an Outperform rating and a $72 target, citing Avidity’s potential in neuromuscular disorders. Scotiabank (TSX:BNS) also began coverage with a Sector Outperform rating and a $70 target, emphasizing the company’s promising portfolio of therapies. The analyst consensus reflects optimism about Avidity’s strategic direction and the prospects of its drug pipeline. These developments indicate potential growth opportunities for Avidity Biosciences in the neuromuscular market.
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