SAN DIEGO—Teresa McCarthy, Chief Human Resources Officer at Avidity Biosciences, Inc. (NASDAQ:RNA), a $3.7 billion market cap biotech company whose shares have surged over 270% in the past year, recently executed a series of stock transactions according to a filing with the Securities and Exchange Commission. According to InvestingPro analysis, the stock is currently trading above its Fair Value. On December 16, McCarthy sold 25,000 shares of the company's common stock, generating proceeds of approximately $831,605. The shares were sold at a weighted-average price of $33.26 per share, with transaction prices ranging from $32.33 to $33.85. InvestingPro data shows the stock has recently experienced a notable pullback, dropping nearly 8% in the past week. Subscribers can access 10+ additional ProTips and comprehensive analysis through the Pro Research Report.
In a related transaction, McCarthy exercised stock options to acquire 25,000 shares at a price of $14.22 each, totaling $355,500. These transactions were conducted under a pre-established Rule 10b5-1 trading plan adopted on June 12, 2024. Following these transactions, McCarthy holds 94,018 shares of Avidity Biosciences directly.
In other recent news, Avidity Biosciences reported third-quarter 2024 revenues of $175.4 million, slightly surpassing the FactSet consensus. The company adjusted its full-year revenue guidance for fiscal year 2024 to a range of $665-685 million. Avidity Biosciences also announced a $250 million public offering of common stock, managed by Leerink Partners and TD Cowen. RBC Capital initiated coverage on Avidity Biosciences with an Outperform rating and set a price target of $67.00. Goldman Sachs maintained a Buy rating with a steady price target of $59.00.
Avidity Biosciences has seen progress in its clinical trials, with the FDA lifting the partial clinical hold on its drug candidates, del-desiran and delpacibart etedesiran. The company has initiated a biomarker cohort for its Phase 1/2 FORTITUDE trial, evaluating delpacibart braxlosiran in individuals with facioscapulohumeral muscular dystrophy. Analysts from Goldman Sachs, TD Cowen, BofA Securities, and Wells Fargo (NYSE:WFC) have reiterated positive ratings on Avidity's stock, emphasizing the potential of its drugs del-brax and del-desiran, projected to achieve peak sales of $2.7 billion and $4.0 billion, respectively.
The company expanded its sales force by 150 representatives in the third quarter of 2024, aiming to broaden its reach among primary care physicians. Avidity Biosciences has set a target for its treatment for bipolar depression and major depressive disorder, Caplyta, projecting over $5 billion in sales over the next decade. These are the recent developments in the company's journey.
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