Form 4: Avidity Biosciences CFO Sells Shares to Cover Tax Obligations

Avidity Biosciences' Chief Financial Officer, Michael F. MacLean, sold shares to cover tax obligations related to vesting of Restricted Stock Units (RSUs).

Summary

• Michael F. MacLean, the Chief Financial Officer of Avidity Biosciences, sold a total of 3,287 shares of common stock on January 21, 2025.
• The sales were executed to cover tax withholding obligations associated with the vesting of RSUs on January 20, 2025.
• The shares were sold at weighted-average prices of $28.5929 and $28.5932, with individual transaction prices ranging from $28.59 to $29.08.
• These sales were not discretionary trades by the CFO but were mandated by the company's equity incentive plan's 'sell-to-cover' policy.
• Following the transactions, Mr. MacLean beneficially owns 104,655 shares of Avidity Biosciences common stock.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to executive compensation. It is neither positive nor negative for the company's outlook.

Industry Context

This is a standard transaction for executives who receive equity compensation, particularly in companies with 'sell-to-cover' policies for tax obligations.

Comparison to Industry Standards

• Many companies use 'sell-to-cover' mechanisms for equity compensation, so this transaction is not unusual.
• The price range of $28.59 to $29.08 is within the normal range for stock sales related to RSU vesting.
• Similar transactions are common among executives at comparable biotech companies.

Stakeholder Impact

• The share sales have a minimal impact on shareholders as they are routine transactions.
• The transactions do not affect employees, customers, suppliers, or creditors.

Key Dates

Keywords

Avidity Biosciences, Michael F. MacLean, CFO, share sale, tax obligations, RSUs, sell-to-cover, equity incentive plan