Arthur A. Levin, a director at Avidity Biosciences, Inc. (NASDAQ:RNA), recently sold 1,872 shares of the company's common stock. The shares were sold at a weighted-average price of $28.60, totaling approximately $53,536. According to InvestingPro data, RNA shares have surged nearly 197% over the past year, with the stock currently trading slightly above its Fair Value estimate. This transaction was part of a "sell-to-cover" arrangement to fulfill tax withholding obligations related to the vesting of restricted stock units (RSUs) on January 20, 2025. The shares were sold on January 21, 2025, as mandated by Avidity's equity incentive plans. Following this transaction, Levin holds 12,958 shares directly, with an additional 131,372 shares held indirectly through a family trust. With analysts setting price targets ranging from $51 to $96, InvestingPro subscribers can access comprehensive insider trading patterns and 10 additional exclusive ProTips for RNA stock.
In other recent news, Avidity Biosciences has reported third-quarter 2024 revenues of $175.4 million, slightly surpassing the FactSet consensus. The company has adjusted its full-year revenue guidance for fiscal year 2024 to a range of $665-685 million. H.C. Wainwright and Goldman Sachs initiated coverage on Avidity Biosciences with a Buy rating, setting price targets of $72.00 and $59.00, respectively.
Analysts from RBC Capital Markets also initiated coverage on Avidity Biosciences with an Outperform rating, setting a price target of $67.00. Furthermore, Avidity Biosciences expanded its sales force by 150 representatives, aiming to broaden its reach among primary care physicians. The company has 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.
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. 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.
Lastly, Goldman Sachs and TD Cowen reiterated their Buy rating on Avidity's stock, emphasizing the potential of its drugs del-brax and del-desiran, with projected peak sales of $2.7 billion and $4.0 billion, respectively. These are recent developments in Avidity Biosciences.
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