Form 4: Avidity Biosciences Chief Scientific Officer Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Avidity Biosciences' Chief Scientific Officer, W. Michael Flanagan, sold shares to cover tax obligations related to vesting of Restricted Stock Units (RSUs).
Summary
- W. Michael Flanagan, Chief Scientific Officer of Avidity Biosciences, Inc., sold a total of 5,672 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 first sale of 3,860 shares was at a weighted-average price of $28.5967, with individual transactions ranging from $28.59 to $29.63.
- The second sale of 1,812 shares was at a weighted-average price of $28.592, with individual transactions ranging from $28.59 to $28.89.
- These sales were not discretionary trades but were mandated by the company's equity incentive plan's 'sell-to-cover' policy.
- Following these transactions, Flanagan beneficially owns 91,975 shares of Avidity Biosciences common stock.
Sentiment
Score: 5
Explanation: The document reflects a routine transaction related to executive compensation and does not indicate any positive or negative sentiment.
Industry Context
This is a routine transaction for executives who receive equity compensation. It is common for companies to have 'sell-to-cover' policies to manage tax obligations.
Comparison to Industry Standards
- Many biotechnology companies use equity compensation as part of their overall compensation strategy.
- Sell-to-cover transactions are a standard practice in the industry to manage tax liabilities for employees receiving equity.
- Companies like Moderna and BioNTech also have similar equity compensation plans and related sell-to-cover policies for their executives.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine sale to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| 01/20/2025 | RSUs vested for W. Michael Flanagan. |
| 01/21/2025 | Shares sold to cover tax obligations. |
| 01/23/2025 | Form 4 filing date. |
Keywords
Avidity Biosciences, RNA, insider trading, Form 4, stock sale, RSU, tax obligations, sell-to-cover, W. Michael Flanagan, Chief Scientific Officer
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