Roth Capital analyst Boobalan Pachaiyappan downgraded Avidity Biosciences (RNA) to Neutral from Buy with a $72 price target after the company entered into a definitive merger agreement to be acquired by Novartis (NVS) for $72 per share in cash. The firm adds however that does not rule out competing bids from large pharma, including AbbVie (ABBV), BMS, Eli Lilly (LLY), Merck (MRK), Pfizer (PFE) and Sanofi (SNY).
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