Why Avidity Biosciences Stock Blasted 42% Higher Today
A richly priced buyout seriously boosted the share price of biotech Avidity Biosciences (NASDAQ: RNA) as the stock trading week began. The company's equity rose by 42%, closing to land just below the buyout price. This leap looked quite impressive next to the S 500 (SNPINDEX: ^GSPC), as the bellwether stock indicator only increased by 1.2% on the day.
The purchasing party is global pharmaceutical company , which on Sunday divulged that it and Avidity had agreed to the acquisition. Under its terms, Switzerland-based Novartis will pay $72 per share for Avidity in an all-cash transaction. That's 46% higher than Avidity's closing share price last Friday.
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Source Fool.com
Novartis AG ADR Stock
€136.00
1.110%
With 8 Buy predictions and only 2 Sell predictions the community sentiment for the stock is positive.
On the other hand, the target price of 135 € is below the current price of 136.0 € for Novartis AG ADR, so the potential is actually -0.74%.
