Sarah Boyce, President and CEO of Avidity Biosciences, Inc. (NASDAQ:RNA), recently sold 31,855 shares of the company’s common stock, amounting to approximately $1.04 million. The transaction, which occurred on December 18, 2024, was executed at a weighted-average price of $32.66 per share.
Following this transaction, Boyce retains direct ownership of 265,308 shares in the company, representing a significant stake in the $3.74 billion market cap biotechnology firm.
Following this transaction, Boyce retains direct ownership of 265,308 shares in the company, representing a significant stake in the $3.74 billion market cap biotechnology firm.
In other recent news, Avidity Biosciences had a noteworthy year with significant developments across different areas. The company reported third-quarter 2024 revenues of $175.4 million, slightly surpassing expectations, and adjusted its full-year revenue guidance for fiscal year 2024 to a range of $665-685 million. RBC Capital Markets initiated coverage on Avidity Biosciences with an Outperform rating, while Goldman Sachs maintained a Buy rating on the company, both acknowledging the potential of its drugs.
Avidity Biosciences also made strides in its clinical trials, with the U.S. Food and Drug Administration (FDA) lifting the partial clinical hold on its drug candidate, del-desiran, allowing the continuation of the Phase 3 HARBOR trial. The company has initiated a biomarker cohort for its Phase 1/2 FORTITUDE trial, evaluating delpacibart braxlosiran in individuals with facioscapulohumeral muscular dystrophy.
Moreover, 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. These are just some of the recent developments that have been shaping the trajectory of Avidity Biosciences.
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