Chardan Capital Markets Downgrades Adverum Biotechnologies (ADVM) to Neutral

Chardan Capital Markets analyst Gbola Amusa downgraded Adverum Biotechnologies (NASDAQ: ADVM) from Buy to Neutral with a price target of $5.00.

The analyst commented "Adverum Biotechnologies, yesterday, after market close, announced a suspected unexpected serious adverse reaction (SUSAR) in its phase II INFINITY trial of intravitreal AAV2.7m8-based GT ADVM-022 in diabetic macular edema (DME). 1 patient in the high-dose (6x10^11 vg/eye) cohort developed hypotony with panuveitis and a loss of vision in the treated eye 30 weeks after randomization. We emphasize that a loss of vision is the opposite of the point of anti-VEGF therapy. Adverum has decided to immediately unmask the study in order to "better understand this event and to help identify and manage any similar potential risk to other patients". Recall, the company previously announced completion of enrollment for the study on 11 January 2021, and intended to share data in 2H21."

For an analyst ratings summary and ratings history on Adverum Biotechnologies click here. For more ratings news on Adverum Biotechnologies click here.

Shares of Adverum Biotechnologies closed at $10.16 yesterday.

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