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The sales were conducted under a pre-established Rule 10b5-1 trading plan, which Flanagan adopted on June 12, 2024. This plan allows insiders to set up a predetermined schedule for selling stocks to avoid potential insider trading violations.In addition to the sales, Flanagan exercised stock options to acquire 24,000 shares at a price of $22.47 each, bringing the total value of the options exercised to approximately $539,280. Following these transactions, Flanagan holds 85,389 shares of Avidity Biosciences.These transactions highlight the ongoing financial activities of Avidity Biosciences' executives, providing insight into their personal investment strategies within the company. For investors seeking deeper analysis, InvestingPro offers comprehensive research reports with analyst price targets ranging from $51 to $96, along with 12 additional exclusive ProTips about RNA's financial health and market position. For investors seeking deeper analysis, InvestingPro offers comprehensive research reports with analyst price targets ranging from $51 to $96, along with 12 additional exclusive ProTips about RNA's financial health and market position.
The sales were conducted under a pre-established Rule 10b5-1 trading plan, which Flanagan adopted on June 12, 2024. This plan allows insiders to set up a predetermined schedule for selling stocks to avoid potential insider trading violations.
In addition to the sales, Flanagan exercised stock options to acquire 24,000 shares at a price of $22.47 each, bringing the total value of the options exercised to approximately $539,280. Following these transactions, Flanagan holds 85,389 shares of Avidity Biosciences.
These transactions highlight the ongoing financial activities of Avidity Biosciences' executives, providing insight into their personal investment strategies within the company.
In other recent news, Avidity Biosciences has 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, to support its clinical programs and advance its research and development.
RBC Capital Markets initiated coverage on Avidity Biosciences with an Outperform rating, while Goldman Sachs and TD Cowen reiterated their Buy ratings. The U.S. Food and Drug Administration (FDA) lifted the partial clinical hold on Avidity's drug candidate, del-desiran, allowing the continuation of the Phase 3 HARBOR trial.
Avidity Biosciences has initiated a biomarker cohort for its Phase 1/2 FORTITUDE trial, evaluating delpacibart braxlosiran in individuals with facioscapulohumeral muscular dystrophy. The company is targeting a potential accelerated approval path with enrollment in the biomarker cohort expected to complete in the first half of 2025.
These are recent developments in the company's journey, reflecting a series of positive advancements in both financial performance and clinical trials.
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