SAN DIEGO, CA – Avidity Biosciences, Inc. (NASDAQ:RNA), a biotechnology company specializing in pharmaceutical preparations, reported a series of stock transactions by Director Arthur A. Levin, according to a recent SEC filing.
On June 20, 2024, Levin carried out a transaction where he acquired 5,000 shares of Avidity Biosciences' common stock at a price of $1.24 per share, amounting to a total of $6,200. On the same day, he sold an equal number of shares at a weighted-average price of $37.5901, with sales totaling $187,950. These transactions were conducted under a pre-arranged Rule 10b5-1 trading plan, which Levin had adopted on May 26, 2023.
The sales occurred in multiple transactions at prices ranging from $37.05 to $38.10. Following these transactions, Levin's direct ownership in the company's common stock decreased to 14,830 shares. Additionally, he indirectly owns 153,872 shares through a family trust.
Avidity Biosciences' stock symbol on the NASDAQ is RNA, reflecting its focus on RNA-based therapies. The company, incorporated in Delaware, has its headquarters in San Diego, California.
The reported transactions provide insight into the trading activities of the company's insiders and are routinely disclosed as per regulatory requirements.
In other recent news, Avidity Biosciences has been making significant strides in its clinical programs and corporate structure. The company reported positive early-stage results from its FSHD treatment study, which led BofA Securities to raise its price target from $40.00 to $45.00 while maintaining a Buy rating on Avidity's stock. The company also announced plans for a $300 million public offering of its common stock, aiming to raise funds for further development of its clinical programs and research. In addition, the U.S. Food and Drug Administration granted Breakthrough Therapy designation to Avidity's lead investigational drug, delpacibart etedesiran, for the treatment of myotonic dystrophy type 1.
Wells Fargo (NYSE:WFC) reaffirmed its Overweight rating on Avidity Biosciences, maintaining a steady price target of $50.00, while Cantor Fitzgerald initiated coverage on Avidity Biosciences with an Overweight rating, indicating potential for outperformance.
In other developments, Avidity Biosciences expanded its board of directors with the appointment of Simona Skerjanec, a pharmaceutical industry veteran. These are among the recent developments in Avidity Biosciences that investors should monitor.
InvestingPro Insights
Avidity Biosciences, Inc. (NASDAQ:RNA) has been drawing attention not only through the recent insider trading activities but also through its notable financial metrics and market performance. According to InvestingPro data, the company holds a market capitalization of $4.14 billion, which is reflective of its potential in the RNA-based therapies sector. Despite the challenges in profitability, with a trailing P/E ratio (last twelve months as of Q1 2024) of -18.11, the company has demonstrated significant revenue growth of 58.67% in Q1 2024, indicating a robust expansion in its operations.
InvestingPro Tips suggest that Avidity Biosciences is trading near its 52-week high, with the price being at 92.93% of this peak, signaling investor confidence in the stock. Moreover, the company has seen a stellar return over the last six months, with a price total return of 314.21%, showcasing strong market performance that could interest potential investors. However, it's worth noting that with a current RSI suggesting the stock is in overbought territory, investors might proceed with caution.
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