Avidity Biosciences downgraded to Market Perform from Strong Buy at Raymond James

Raymond James downgraded Avidity Biosciences (RNA) to Market Perform from Strong Buy without a price target. Avidity Biosciences announced it has entered into an agreement to be acquired by Novartis (NVS). The firm believes the deal is “strategically sound,” and Novartis is a “logical” buyer for Avidity given their presence in neuroscience and rare neuromuscular market, the analyst tells investors in a research note. The firm doesn’t expect substantial regulatory risk surrounding this acquisition.