After Novartis (NVS) announced an agreement to acquire Avidity Biosciences (RNA), including its proprietary Antibody Oligonucleotide Conjugate platform for targeted RNA delivery to the muscle, for $72 per share in cash, Morgan Stanley reminded investors that Dyne Therapeutics (DYN) has also developed the proprietary FORCE platform designed to deliver RNA therapeutics to muscle and that Avidity is a key competitor. The firm, which believes the acquisition provides positive readthrough to Dyne, has an Overweight rating and $48 price target on the shares.
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