Avidity Biosciences (RNA) stock rocketed Wednesday on a report Novartis (NVS) made an attempt to buy the rare disease-focused biotech company.
The small biotech company has three drugs in clinical testing that target different forms of muscular dystrophy. In late 2024, Chief Executive Sarah Boyce told Investor's Business Daily that two of those could be "multibillion-dollar drugs."
For Novartis, the potential deal would be one of the biggest under Chief Executive Vas Narasimhan. Avidity's market cap is approaching $6 billion after Financial Times first reported the rumored deal, citing people familiar with the matter.
Representatives of both companies declined to comment in response to inquiries from IBD.
In midday trades, Avidity Biosciences shares surged more than 21% to 46.66.
More to follow.
Follow Allison Gatlin on X/Twitter at @AGatlin_IBD.
YOU MAY ALSO LIKE:
Amgen Beats Second-Quarter Expectations, So Why Are Shares Diving?
Novo Nordisk Slumps As 'Unlawful' Knockoffs Pressure Wegovy, Ozempic
How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks
Looking For The Next Apple Or Amazon? Start With These S&P 500-Beating Lists
Get Timely Buy & Sell Alerts With IBD Leaderboard
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。