Avidity Biosciences hits record high after Novartis' $12 bln deal to buy co

Shares of Avidity Biosciences RNA.O jump 43.5% to $70.31

Stock opens at a record high

Swiss drugmaker Novartis NOVN.S to buy U.S. biotech firm for about $12 billion

Avidity stockholders will receive $72 per share in cash, representing a premium of 46% to stock's closing price on Friday

Prior to closing deal, Avidity will separate its early-stage precision cardiology programs into a new company, which is expected to be publicly traded

15 of 16 brokerages rate RNA stock "buy" or higher; median price at $70, as per LSEG data

Including session's move, RNA up 125% YTD vs NASDAQ Biotechnology index's .NBI 20.7% gain