Adverum Biotechnologies (ADVM – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst on November 16. Analyst Graig Suvannavejh from Mizuho Securities remains neutral on the stock and has a $2.00 price target.
Graig Suvannavejh’s Buy rating for Adverum Biotechnologies is primarily based on the promising developments of the company’s lead asset, ixo-vec, a gene therapy candidate for Wet Age-related Macular Degeneration (wAMD). Suvannavejh views the recent presentation of three-year OPTIC data and the upcoming initial efficacy/safety data for ixo-vec in the Phase 2 LUNA study as potential stock catalysts, particularly if the data proves positive. He also underscores the stock’s potential upside of approximately 125%.
Suvannavejh’s rating is also influenced by his belief that ixo-vec could represent a best-in-class gene therapy for wAMD. He emphasizes the unmet medical need for effective and safe treatments that can provide extended duration beyond the current standard of care. The analyst is particularly impressed by the fact that recent data has shown an 84% reduction in annualized anti-VEGF injections at three years and that 53% of participants were free from supplemental injections after three years. With the upcoming announcement of interim Phase 2 LUNA study data, Suvannavejh expects a minimal incidence of inflammation and remains bullish on a positive outcome.
In another report released on November 15, Truist Financial also maintained a Buy rating on the stock with a $6.00 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
