Novartis Negotiating Acquisition of Avidity Biosciences for Over $70 per Share, According to Bloomberg News
Written by Emily J. Thompson, Senior Investment Analyst
Source: CNBC
Novartis Acquisition Plans: Novartis is reportedly close to acquiring Avidity Biosciences for over $70 per share, with a potential announcement as soon as Sunday.
Avidity's Specialization: Avidity focuses on RNA therapeutics, specifically antibody oligonucleotide conjugates, which modify gene expression to treat diseases.
Novartis Investment in R&D: The acquisition discussions align with Novartis's commitment to invest $23 billion in its U.S. infrastructure, including a new R&D hub in San Diego.
Stock Performance: Avidity's stock has surged nearly 70% this year, closing at $49.15, while Novartis shares were at $130.36.
Analyst Views on RNA
Wall Street analysts forecast RNA stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for RNA is 74.42 USD with a low forecast of 72.00 USD and a high forecast of 96.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
13 Analyst Rating
2 Buy
11 Hold
0 Sell
Hold
Current: 72.740
Low
72.00
Averages
74.42
High
96.00
Current: 72.740
Low
72.00
Averages
74.42
High
96.00
About RNA
Avidity Biosciences, Inc. is a biopharmaceutical company. The Company is engaged in delivering a new class of ribonucleic acid (RNA) therapeutics called antibody oligonucleotide conjugates (AOCs). The AOCs are designed to combine the specificity of monoclonal antibodies with the precision of oligonucleotide therapies to address targets and diseases previously unreachable with existing RNA therapies. Its advancing and expanding pipeline has three programs in clinical development. The Del-desiran is designed to treat people with myotonic dystrophy type 1 (DM1) and is in the global Phase III HARBOR trial and in the ongoing MARINA-OLE trial in people with DM1. The Delpacibart braxlosiran is the first investigational therapy designed to directly target DUX4 in people living with facioscapulohumeral muscular dystrophy (FSHD). The Del-zota is designed for people with Duchenne muscular dystrophy (DMD) and is in development with the Phase II EXPLORE44 open-label extension (OLE) study.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
