Steven George Hughes, Chief Medical (TASE:) Officer of Avidity Biosciences, Inc. (NASDAQ: ), recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The transaction, which took place on January 21, involved the sale of 3,947 common shares, which realized a total of $112,856. The company, currently valued at $3.56 billion, has seen its stock rise nearly 197% over the past year, according to InvestingPro data.
Shares were traded at prices ranging from $28.5906 to $28.5955 per share. This sale was part of a prearranged plan to cover withholding tax liabilities related to the Jan. 20 grant of restricted stock units (RSUs). As a result of the transaction, Hughes now holds 82,428 shares of Avidity Biosciences. The company maintains a strong financial position with more cash than debt and a healthy current ratio of 17.76x, as it reveals InvestingPro analysis.
These transactions were made automatically and were not discretionary trades by Hughes, as they were required by the company’s equity incentive plans. With analyst price targets ranging from $51 to $96 per share, investors seeking deeper insight into RNA’s valuation and growth prospects can access comprehensive analysis via InvestingProdetailed research reports.
In other recent news, Avidity Biosciences reported Q3 2024 revenue of $175.4 million, slightly beating the FactSet consensus. The company adjusted its full-year revenue guidance for fiscal 2024 to a range of $665 million to $685 million. Analyst firms HC Wainwright, RBC Capital Markets and Goldman Sachs initiated or maintained coverage on Avidity Biosciences with Buy or Outperform ratings, with price targets ranging from $59.00 to $72.00.
Avidity Biosciences has expanded its sales force by 150 representatives and set a sales target for its treatment for bipolar depression and major depressive disorder, Caplyta, projecting more than $5 billion in sales over the next decade. The US Food and Drug Administration has lifted a partial clinical hold on Avidity’s drug candidate, del-desiran, allowing the Phase 3 HARBOR trial to proceed.
The company also announced a $250 million public offering of common stock, managed by Leerink Partners and TD Cowen, to support its clinical programs and advance research and development. Goldman Sachs and TD Cowen reiterated their buy ratings on Avidity’s stock, with projected topline sales of $2.7 billion and $4.0 billion, respectively, for its drugs del-brax and del-desiran. These are the latest developments at Avidity Biosciences.
This article was generated with the help of AI and reviewed by an editor. See our T&C for more information.
