TD Cowen analyst Joseph Thome has maintained their bullish stance on ADVM stock, giving a Buy rating on November 6.
Joseph Thome has given his Buy rating based on several key factors. First and foremost, Adverum Biotechnologies reported a Q3 net loss of $32.9MM and cash of $117.1MM. Despite this, the company is successfully moving forward with its Phase II LUNA study for ixo-vec in wet AMD, with initial efficacy and safety data expected in Q4. This potential for progress, combined with Adverum’s low trading E.V., suggests the stock could be poised for significant outperformance if ixo-vec proves a viable treatment.
Furthermore, Thome’s rating is also influenced by the promising results from the Phase I OPTIC study. The study showed an 84% reduction in the annualized number of anti-VEGF injections at the 2E11 vg/eye dose level and 53% of patients remained free of supplemental injections. Additionally, there were no reported incidences of vasculitis, retinitis, or choroiditis, and no patients experienced any significant low IOP events. However, Thome notes that the ultimate viability of ixo-vec will depend on Adverum’s ability to control post-treatment inflammation and demonstrate adequate safety in a larger patient group during the subsequent Phase II and Phase III studies.
In another report released on November 6, Mizuho Securities also reiterated a Buy rating on the stock with a $2.00 price target.
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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 Third Quarter 2023 Financial Results and Pipeline Highlights
- ADVM Upcoming Earnings Report: What to Expect?
- Adverum appoints C. David Nicholson to board of directors
- Adverum Biotechnologies Appoints C. David Nicholson, Ph.D. to its Board of Directors
- Adverum announces 3-year efficacy, safety results from OPTIC extension study
