Avidity Biosciences chief program officer sells $172,807 in stock

On March 3, 2025, Kathleen P. Gallagher, the Chief Program Officer of Avidity Biosciences, Inc. (NASDAQ:RNA), a company with a market capitalization of $3.4 billion, executed a series of transactions involving the company’s stock. The transaction comes as RNA shares have shown remarkable strength, delivering a 51% return over the past year. Gallagher sold 5,875 shares of common stock at a weighted-average price of $29.414 per share, amounting to approximately $172,807. The shares were sold in multiple transactions, with prices ranging from $28.88 to $30.05. This sale was conducted under a Rule 10b5-1 trading plan adopted on June 12, 2024. According to InvestingPro data, analysts maintain a strong bullish outlook on the stock, with price targets ranging from $51 to $96 per share.

In a related transaction, Gallagher exercised stock options to acquire 5,875 shares at a price of $14.70 per share, reflecting a total value of $86,362. Following these transactions, Gallagher’s direct ownership totals 50,554 shares of Avidity Biosciences. The company maintains a strong financial position with a current ratio of 15.73, indicating robust liquidity. For deeper insights into insider trading patterns and comprehensive financial analysis, investors can access the full RNA research report on InvestingPro, which covers over 1,400 US stocks with detailed metrics and expert analysis.

In other recent news, Avidity Biosciences has been the focus of analyst attention, with Cantor Fitzgerald reaffirming an Overweight rating and a $96 price target. The firm emphasized Avidity’s strong pipeline, which includes promising drugs for conditions such as myotonic dystrophy and DMD Exon44, with potential peak sales estimated between $5-10 billion. H.C. Wainwright also initiated coverage on Avidity Biosciences with a Buy rating and a $72 price target, praising the successful establishment of the company’s Antibody Oligonucleotide Conjugate platform. The analyst highlighted the safety and sustained improvement shown in key clinical endpoints in Avidity’s myotonic dystrophy program. Additionally, the Phase 3 HARBOR trial is progressing, with enrollment expected to complete by mid-2023. Avidity’s FSHD program, featuring the drug Del-brax, has shown potential for accelerated approval, while the DMD program with Del-Zota is demonstrating favorable safety and efficacy. Avidity Biosciences is also expanding its pipeline into precision cardiology, with updates anticipated in 2025. These developments underscore the company’s strategic focus on rare disease treatments and its potential market impact.

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