Kathleen P. Gallagher, Chief Program Officer at Avidity Biosciences Inc . (NASDAQ:RNA), a $4.1 billion market cap company whose stock has surged 186% over the past year, recently executed a series of stock transactions as documented in a recent SEC filing. On February 3, Gallagher sold 5,875 shares of common stock at a weighted-average price of approximately $32.16 per share, totaling $188,918. This sale was part of a previously arranged Rule 10b5-1 trading plan. According to InvestingPro data, the stock currently trades at $34.68, with analysts setting price targets ranging from $51 to $96.
Prior to the sale, Gallagher exercised stock options to acquire the same number of shares at a price of $16.65 per share, which brought the total value of the acquisition to $97,818. Following these transactions, Gallagher now holds 50,554 shares of Avidity Biosciences common stock. InvestingPro subscribers can access detailed insider trading patterns and 8 additional key insights about RNA's financial health and market position through the comprehensive Pro Research Report.
In other recent news, Avidity Biosciences has been the subject of positive ratings from two prominent analyst firms. H.C. Wainwright initiated coverage on Avidity Biosciences with a Buy rating, highlighting the successful establishment of its Antibody Oligonucleotide Conjugate platform and the execution of three clinical programs targeting rare diseases. The firm's analyst also noted the positive results of the MARINA and MARINA OLE studies, which validate Avidity's myotonic dystrophy program.
Meanwhile, RBC Capital Markets began coverage on Avidity Biosciences with an Outperform rating. The analyst from RBC highlighted the establishment of proof of concept across three different indications: myotonic dystrophy type 1, facioscapulohumeral muscular dystrophy, and Duchenne muscular dystrophy. Despite concerns over safety and small sample size, the analyst anticipates a favorable outcome for the ongoing Phase III trial.
In addition to these developments, Avidity Biosciences has expanded its pipeline with two programs in the precision cardiology space, marking these as the next growth driver. Looking ahead to 2025, updates are expected from the FORTITUDE biomarker cohort and the OLE, along with a regulatory update on the next steps for Del-zota. These recent developments underscore the potential for growth and success in Avidity Biosciences' clinical programs.
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