Chardan Capital Markets Downgrades Avidity Biosciences (RNA) to Neutral

Chardan Capital Markets analyst Keay Nakae downgraded Avidity Biosciences (NASDAQ: RNA) from Buy to Neutral with a price target of $72.00 (from $75.00).

The analyst comments: "Avidity, a Chardan top pick for 2025, has announced that it has entered into an agreement to be acquired by Novartis. Per the agreement, shareholders of Avidity common stock will receive $72.00 per share in cash at closing, valuing the acquisition by Novartis (unrated) at approximately $12.0 billion. The acquisition does not include Avidity's early-stage precision cardiology programs, which will be spun out into a separate entity. Recall, this encompasses two announced candidates for cardiomyopathies, AOC1086 and AOC1072, and separately up to 5 AOC therapeutic candidates targeting cardiac tissue being developed under its collaboration with Bristol Myers Squibb (unrated). Avidity stockholders will also receive ownership in the separate entity in a ratio of one share of SpinCo for every ten shares of Avidity they hold."

For an analyst ratings summary and ratings history on Avidity Biosciences click here. For more ratings news on Avidity Biosciences click here.

Shares of Avidity Biosciences closed at $70.00 yesterday.

You May Also Be Interested In

• Bernstein SocGen Group Starts Terawulf Inc. (WULF) at Outperform
• Dover Corp. (DOV) PT Raised to $230 at Morgan Stanley
• BeWhere acquires SecureQuip Systems for $789,000 in cash