Qualcomm, Tesla, Intellia Therapeutics, Avidity Biosciences, Dyne Therapeutics: Stocks Making The Biggest Moves Today

• Qualcomm shares were up more than 11% in Monday’s midday session after the company unveiled two AI accelerator chips.
• Intellia Therapeutics declined by more than 44% after the company announced a temporary pause in patient dosing and screening for two of its late-stage trials.
• Avidity Biosciences shares were up nearly 42% in Monday’s midday trade after Novartis AG (NVS) agreed to acquire the former for $12 billion.

U.S. equities surged in Monday’s midday trade after trade tensions with China cooled down after officials of the two countries met over the weekend.

President Donald Trump expressed optimism about striking a deal with China. “I've got a lot of respect for President Xi, and I think we're going to come away with a deal. We have China coming and its going to be very interesting,” he told reporters aboard Air Force One, according to a report by Reuters.

President Trump is scheduled to meet his Chinese counterpart, President Xi Jinping, on Thursday.

The SPDR S&P 500 ETF (SPY), which mirrors the S&P 500 index, was up 0.94% at the time of writing, while the Invesco QQQ Trust (QQQ), which mirrors the Nasdaq 100 index, rose 1.56%. The SPDR Dow Jones Industrial Average ETF Trust (DIA), which tracks the Dow Jones Industrial Average, gained 0.42%.

Here are the top stocks making the biggest moves in Monday’s midday trade:

Qualcomm Inc. (QCOM)

Qualcomm shares were up more than 11% in Monday’s midday session after the company unveiled two artificial intelligence (AI) accelerator chips, the AI200 and AI250, aimed at enterprise and cloud customers.

QCOM stock is up 22% year-to-date.

Tesla Inc. (TSLA)

Tesla shares gained nearly 6% in Monday’s midday trade. Cantor Fitzgerald hiked its price target on the stock to $510 from $355, while maintaining an ‘Overweight’ rating, according to TheFly. The firm cited better-than-expected third-quarter (Q3) revenue, gross margin, and free cash flow.

TSLA stock is up 14% year to date.

Intellia Therapeutics Inc. (NTLA)

Intellia Therapeutics declined over 44% in Monday’s midday session after the company announced a temporary pause in patient dosing and screening for two of its late-stage trials for Nex-z after a patient was hospitalized.

NTLA stock is up 24% year to date.

Avidity Biosciences Inc. (RNA)

Avidity Biosciences shares were up nearly 42% in Monday’s midday trade after Novartis AG (NVS) agreed to acquire the former for $12 billion. The deal offers Avidity investors $72 per share, a 46% premium over the stock’s Friday closing price.

RNA stock is up 141% year to date.

Dyne Therapeutics Inc. (DYN)

Dyne Therapeutics shares were up 41% in Monday’s midday session following the acquisition of Avidity by Novartis. Analysts at Morgan Stanley stated that the Avidity acquisition provides positive read-through to Dyne, as reported by TheFly. Both Avidity and Dyne are advancing therapies for rare muscle diseases, myotonic dystrophy type 1, Duchenne muscular dystrophy, and facioscapulohumeral muscular dystrophy.

DYN stock is up 3% year to date.

Also See: Apple Stock Hits All-Time High, Market Capitalization Inches Toward $4 Trillion

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