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.
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Read More on RNA:
- Avidity Biosciences downgraded to Market Perform from Outperform at Bernstein
- Avidity Biosciences downgraded to Neutral from Buy at H.C. Wainwright
- 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