Tech Valuations Surge on Wall Street: Shopify Experiences Double-Digit Growth
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The Dow Jones and S&P 500 saw modest gains on Wednesday, with the Dow adding 0.18 percent to 44,193 points and the S&P 500 climbing 0.73 percent to 6,345 points. The Nasdaq 100, however, experienced a more significant increase of 1.29 percent, reaching 23,315 points.
One of the most notable events of the day was the surge in Avidity Biosciences' stock price following speculation of a potential takeover by Novartis. The US biotech company, which focuses on therapies for rare genetic diseases, saw its stock price increase by approximately 18.4% to about $45.29 on August 7, 2025, and by 19.76% on August 6, 2025. The stock price on August 8, 2025, was reported near $46.25, showing sustained elevated levels after the spike.
Key factors contributing to this stock price movement include the Breakthrough Therapy designation by the FDA for Avidity’s drug delpacibart zotadirsen in treating Duchenne muscular dystrophy, progress in late-stage clinical trials such as the Phase 3 HARBOR trial for myotonic dystrophy treatment, and speculation of a possible acquisition target status, with Novartis rumored as a potential suitor. Analysts have maintained stable to rising price targets around $70, up from about $64.5 previously, reflecting strong growth expectations despite some mixed earnings reports.
Elsewhere in the market, AMD's stock decline continued despite solid quarterly results and a positive outlook. The decrease is due to uncertainties about a possible return of the China business and cautious communication from the management. Amgen, on the other hand, delivered strong numbers and updated its outlook for 2025, but still experienced a 5.1 percent decrease in its stock price. The decrease is attributed to uncertainties surrounding the weight loss pill MardiTide.
In other company news, McDonald's Corp. saw a three percent increase in its stock price due to strong second-quarter results. Apple Inc.'s stock jumped 5.1 percent due to plans to invest an additional $100 billion in US production. Uber reported strong numbers, raised its outlook, and announced a $20 billion share buyback program. After a weak start, the loss was reduced to 0.2 percent by the end of trading.
President Donald Trump announced that Apple plans to manufacture more iPhones in the US to avoid new tariffs. Competitor Lyft will report its numbers today after the market closes. Walt Disney's stock fell by 2.7 percent due to weak performance in the classic TV and sports business.
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The technology sector saw a diverse range of movements, with Avidity Biosciences' stock price surging due to potential takeover speculations and Breakthrough Therapy designation. Analysts are maintaining stable to rising price targets around $70 for Avidity, reflecting strong growth expectations.
