Avidity Biosciences CHRO Teresa McCarthy Sells Stock Worth $364,191 By Investing.com

SAN DIEGO – Avidity Biosciences, Inc. (NASDAQ:RNA) Chief Human Resources Officer Teresa McCarthy recently sold company stock worth approximately $364,191. The transaction, which was executed on December 18, included the sale of 11,151 shares at an average price of $32.66 per share. The sale comes amid a banner year for Avidity stock, which has risen more than 240% year-to-date according to InvestingPro Data.

Following the sale, McCarthy now owns 82,867 shares of Avidity Biosciences stock. The shares were sold as part of a “hedge sale” transaction to satisfy tax withholding obligations related to the vesting of 25,000 time-based restricted stock units. These units were initially granted as performance-based restricted stock units and were converted after the performance target was achieved by the Company in June 2024. InvestingPro The analysis indicates that the stock is currently in oversold territory, with strong liquidity metrics showing that current assets significantly exceed short-term liabilities.

This deal was not a discretionary trade by McCarthy but was mandated under the company’s stock incentive plans. For deeper insights into insider transactions and comprehensive financial analysis, including 12 additional ProTips, see the full research report available at InvestingPro.

In other recent news, Avidity Biosciences has seen significant developments in its operations and financial performance. The biotechnology company reported third-quarter 2024 revenue of $175.4 million, slightly ahead of estimates, and revised its full-year revenue guidance for fiscal 2024 to a range of $665 million to $685 million. Avidity Biosciences also expanded its sales force by 150 representatives, aiming to expand its reach among primary care physicians and target its treatment for bipolar depression and major depressive disorder, Caplyta, where it expects sales of more than $5 billion over the next decade.

RBC Capital Markets initiated coverage of Avidity Biosciences with an Outperform rating, while Goldman Sachs and TD Cowen reiterated their Buy ratings, highlighting the potential of its drugs del brax and del-desiran. The US Food and Drug Administration (FDA) has lifted a partial clinical hold on Avidity’s drug candidate dildesiran, allowing the Phase 3 HARBOR trial to proceed.

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. Avidity Biosciences also launched a biomarker combination for the Phase 1/2 FORTITUDE trial, evaluating delpacibart braxlosiran in individuals with facioscapulohumeral muscular dystrophy. These are among the recent developments that have shaped Avidity Biosciences’ current position in the biotechnology industry.

This article was created with the power of artificial intelligence and reviewed by an editor. For more information, see our terms and conditions.