Avidity Biosciences Acquisition by Novartis Highlights Big Pharma's Interest in RNA Therapies

Core Insights - Avidity Biosciences, trading as RNA on NASDAQ, is focused on RNA therapies and has a price target of $72 set by Roth Capital, indicating a potential increase of approximately 46.49% from its current price of $49.15 [1][5] - Novartis announced its acquisition of Avidity Biosciences for $12 billion, offering $72 per share, which has led to a 42% surge in RNA's stock price during premarket trading, highlighting the growing interest of Big Pharma in RNA therapies [2][5] - Despite the acquisition announcement, Novartis shares fell by 1%, indicating market reactions to the deal and reflecting Novartis's strategic move to enhance its biotech portfolio amid increasing generic competition [3][5] Company Performance - RNA's stock price fluctuated between $48.80 and $50.23 on the day of the acquisition announcement, with a yearly range from a low of $21.51 to a high of $56, and a current market capitalization of approximately $6.32 billion [4] - The trading volume for RNA was reported at 1,269,675 shares, indicating significant market activity following the acquisition news [4]