H.C. Wainwright downgraded Avidity Biosciences (RNA) to Neutral from Buy with a price target of $72, down from $87, after the company entered into a definitive merger agreement to be acquired by Novartis (NVS) for $72 per share in cash. The firm does not expect an additional bidder to emerge.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RNA:
- M&A News: Novartis to Acquire Avidity Biosciences in $12B Deal
- Novartis agrees to acquire Avidity for $72 per share in cash
- Novartis close to deal to buy Avidity for over $70 per share, Bloomberg says
- Avidity Biosciences Delays Biologics License Application
- Avidity Biosciences: Strategic Progress and Promising Clinical Data Drive Buy Rating