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SAN DIEGO—Flanagan W. Michael, the Chief Scientific Officer of Avidity Biosciences, Inc. (NASDAQ:RNA), a $3.7 billion market cap biotechnology company, recently sold shares of the company’s stock valued at approximately $365,867. According to InvestingPro data, the company maintains a strong financial position with more cash than debt on its balance sheet. This transaction was disclosed in a regulatory filing submitted to the Securities and Exchange Commission.
The sale, which took place on March 20, 2025, involved 11,780 shares of common stock sold at a weighted-average price of $31.0584 per share. According to the filing, these shares were sold in multiple transactions at prices ranging from $30.96 to $31.06. Wall Street analysts maintain a strong buy consensus on the stock, with price targets ranging from $48 to $96 per share.
This transaction was not a discretionary trade by Flanagan. Instead, it was a mandated "sell-to-cover" transaction to fulfill tax withholding obligations related to the vesting of 25,000 time-based restricted stock units (RSUs) that vested on March 19, 2025. These RSUs were initially granted as performance-based restricted stock units (PSUs) and were converted following the achievement of a performance objective by Avidity Biosciences on September 19, 2024.
Following the sale, Flanagan retains ownership of 80,195 shares of Avidity Biosciences common stock.
In other recent news, Avidity Biosciences has reported promising results from its Phase 1/2 EXPLORE44 trial for del-zota, a treatment targeting Duchenne muscular dystrophy exon 44. The trial demonstrated significant improvements in dystrophin production and exon skipping, with favorable safety outcomes. The company is preparing a Biologics License Application for accelerated approval, targeting the fourth quarter of 2025. Analysts have responded positively, with Citi maintaining a Buy rating and a $70 price target, and H.C. Wainwright reaffirming a Buy rating with a $72 price target. BMO Capital Markets initiated coverage with an Outperform rating and a $72 target, citing the company’s potential in neuromuscular treatments. Scotiabank (TSX:BNS) also started coverage with a Sector Outperform rating, setting a $70 target. The positive trial data and analyst endorsements highlight Avidity’s progress in addressing rare neuromuscular disorders, with potential market expansion into myotonic dystrophy type 1 and facioscapulohumeral muscular dystrophy. These developments underscore the anticipation of regulatory milestones and potential commercial launches.
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