SAN DIEGO—Avidity Biosciences, Inc. (NASDAQ:RNA), a biotech company with a market capitalization of $3.7 billion that has seen its stock surge over 240% in the past year, reported that Chief Financial Officer Michael F. MacLean recently sold shares of the company's stock, according to a filing with the Securities and Exchange Commission. On December 18, MacLean sold 11,151 shares at a weighted-average price of $32.66, totaling approximately $364,191.
The transaction was part of a mandatory "sell-to-cover" arrangement to satisfy tax withholding obligations related to the vesting and settlement of 25,000 restricted stock units (RSUs). These units were originally performance-based and converted to time-based RSUs following the achievement of a performance objective by Avidity Biosciences in June 2024.
Following the transaction, MacLean retains ownership of 82,942 shares of Avidity Biosciences.
In other recent news, Avidity Biosciences has made significant strides, with RBC Capital Markets initiating coverage of the company's shares with an Outperform rating. The company reported third-quarter 2024 revenues of $175.4 million, slightly surpassing the FactSet consensus. Adjusting its full-year revenue guidance for fiscal year 2024 to a range of $665-685 million, Avidity Biosciences is showing promising financial performance.
The company has also expanded its sales force by 150 representatives in the third quarter of 2024 and set a target for its treatment for bipolar depression and major depressive disorder, Caplyta, projecting over $5 billion in sales over the next decade. Goldman Sachs (NYSE:GS) maintained a Buy rating on Avidity Biosciences with a steady price target of $59.00.
Avidity Biosciences 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. Analysts from Goldman Sachs, TD Cowen, BofA Securities, and Wells Fargo (NYSE:WFC) have reiterated their positive ratings on Avidity's stock, emphasizing the potential of its drugs del-brax and del-desiran.
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. The company has also initiated a biomarker cohort for its Phase 1/2 FORTITUDE trial, evaluating delpacibart braxlosiran in individuals with facioscapulohumeral muscular dystrophy.
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