In a report released on May 14, Graig Suvannavejh from Mizuho Securities maintained a Buy rating on Adverum Biotechnologies (ADVM – Research Report), with a price target of $22.00.
Graig Suvannavejh has given his Buy rating due to a combination of factors including the anticipation of Adverum Biotechnologies’ upcoming Phase 2 LUNA study results for their leading gene therapy product, ixo-vec, in the treatment of wet age-related macular degeneration (AMD). His confidence in the safety and efficacy profile of ixo-vec seems to be a major driver for this optimistic outlook. Additionally, Suvannavejh’s unchanged 12-month price target of $22 suggests a significant upside potential of over 100% from the current valuation.
Moreover, the report suggests that Suvannavejh sees Adverum as undervalued by the market, particularly when compared to its peers in the gene therapy space for wet AMD, which command substantially higher valuations. The comparison to companies like 4D Molecular Therapies and REGENXBIO, with valuations considerably above Adverum’s, indicates a disparity that Suvannavejh seems to believe will correct with the positive development and potential catalysts on the horizon for ixo-vec.
ADVM’s price has also changed dramatically for the past six months – from $0.861 to $8.930, which is a 937.17% increase.
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Adverum Biotechnologies (ADVM) Company Description:
Adverum Biotechnologies, Inc. is a clinical-stage biotechnology company that engages in the development of novel gene therapies to treat patients with sight-threatening ophthalmic diseases. It focuses on treatment of wet age-related macular degeneration, alpha-1 antitrypsin deficiency, hereditary angioedema, friedreich’s ataxia, severe allergy, color vision deficiency, and juvenile x-linked retinoschisis. The company was founded by Mark S. Blumenkranz, Thomas W. Chalberg, Jr. and Steven Daniel Schwartz on July 17, 2006 and is headquartered in Menlo Park, CA.
Read More on ADVM:
- Adverum Biotechnologies reports Q1 EPS ($1.50), consensus ($1.40)
- Adverum Biotechnologies to Participate in Upcoming May Investor Conferences
- Adverum Biotechnologies initiated with a Buy at H.C. Wainwright
- Adverum Biotechnologies management to meet with Truist
- Adverum Biotechnologies price target lowered to $22 from $40 at Mizuho
