The shares were sold at a weighted average price, with prices ranging from $28.59 to $28.63 per share, amounting to a total transaction value of approximately $162,191. These transactions were executed to cover tax withholding obligations related to the vesting of restricted stock units (RSUs). The sales were part of a pre-arranged trading plan under the company's equity incentive plans and were not discretionary trades by Flanagan. Following these transactions, Flanagan's direct ownership stands at 91,975 shares. Analysts maintain a strong bullish stance on the company, with a consensus target price range of $51-$96, as revealed in InvestingPro's comprehensive research report, which offers deeper insights into the company's valuation and growth prospects. Analysts maintain a strong bullish stance on the company, with a consensus target price range of $51-$96, as revealed in InvestingPro's comprehensive research report, which offers deeper insights into the company's valuation and growth prospects. The shares were sold at a weighted average price, with prices ranging from $28.59 to $28.63 per share, amounting to a total transaction value of approximately $162,191.
These transactions were executed to cover tax withholding obligations related to the vesting of restricted stock units (RSUs). The sales were part of a pre-arranged trading plan under the company's equity incentive plans and were not discretionary trades by Flanagan. Following these transactions, Flanagan's direct ownership stands at 91,975 shares.
In other recent news, Avidity Biosciences has been making significant strides in the biotechnology sector. The company reported third-quarter 2024 revenues of $175.4 million, slightly surpassing the FactSet consensus, and adjusted its full-year revenue guidance for fiscal year 2024 to a range of $665-685 million. Avidity Biosciences has been recognized by H.C. Wainwright, RBC Capital Markets, and Goldman Sachs with Buy ratings, reflecting confidence in the company's ongoing operations and potential for growth.
Analysts from these firms highlighted Avidity's successful establishment and de-risking of its Antibody Oligonucleotide Conjugate (AOC) platform, the execution of three clinical programs targeting rare diseases, and the validation of its myotonic dystrophy program (DM1) through the MARINA and MARINA OLE studies. In addition, the company has expanded its sales force by 150 representatives, aiming to broaden its reach among primary care physicians.
The U.S. Food and Drug Administration lifted the partial clinical hold on Avidity's drug candidate, del-desiran, allowing the continuation of the Phase 3 HARBOR trial. 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 its research and development.
Avidity Biosciences has initiated a biomarker cohort for its Phase 1/2 FORTITUDE trial, evaluating delpacibart braxlosiran in individuals with facioscapulohumeral muscular dystrophy. The company has also set a sales target for its treatment for bipolar depression and major depressive disorder, Caplyta, projecting over $5 billion in sales over the next decade. These are the recent developments in Avidity Biosciences.
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