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Kathleen P. Gallagher, the Chief Program Officer at Avidity Biosciences, Inc. (NASDAQ:RNA), recently sold 5,875 shares of the company’s common stock, according to a recent SEC filing. The shares were sold at a weighted-average price of $32.40, amounting to a total transaction value of approximately $190,324. This transaction was part of a pre-arranged trading plan under Rule 10b5-1.
In addition to the sale, Gallagher exercised stock options to acquire 5,875 shares at a price of $16.65 per share, totaling $97,818. Following these transactions, Gallagher holds 50,554 shares directly. With the company’s next earnings report due in 11 days and analyst price targets ranging from $48 to $96, InvestingPro subscribers can access 8 additional key insights about RNA’s valuation and financial health metrics.
In other recent news, Avidity Biosciences has received Orphan Drug designation from the Japan Ministry of Health, Labour and Welfare for its investigational treatment for myotonic dystrophy type 1 (DM1), known as del-desiran. This designation provides various benefits, including tax incentives and priority review. Additionally, Avidity Biosciences announced a change in its independent registered public accounting firm, appointing Deloitte & Touche LLP as the new auditor for the fiscal year ending December 31, 2025. This follows a competitive selection process and the dismissal of the previous auditor, BDO USA, P.C., whose audit reports for fiscal years 2023 and 2024 were without adverse opinions.
Cantor Fitzgerald recently reiterated its Overweight rating on Avidity Biosciences with a $96.00 price target, highlighting the company’s progress in developing therapies for facioscapulohumeral muscular dystrophy (FSHD). Meanwhile, Citi maintained a Buy rating with a $70.00 price target after positive results from the phase 1/2 EXPLORE44 trial for Duchenne muscular dystrophy exon 44 (DMD44). H.C. Wainwright also reaffirmed a Buy rating with a $72.00 price target, citing promising Del-Zota trial data that showed significant increases in dystrophin levels for exon-44 patients. These developments reflect Avidity Biosciences’ ongoing efforts to advance its RNA therapeutics platform for rare neuromuscular diseases.
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