Avalo Therapeutics Inc. (AVTX) PT Lowered to $5 at Oppenheimer

Oppenheimer analyst Leland Gershell lowered the price target on Avalo Therapeutics Inc. (NASDAQ: AVTX) to $5.00 (from $7.00) while maintaining an Outperform rating.

The analyst commented, "Reported 3Q21 net loss of $17.5M, was less than our $21.5M on lower R&D and SG&A. Following recent equity financing and debt draw-down, AVTX is well-capitalized to execute toward multiple key data readouts across the pipeline anticipated over the coming year. By YE21, we look forward to incremental Ph 1b results with anti-LIGHT mAb AVTX-002 (at higher dose) in moderate-to-severe Crohn's disease following positive low-dose readout in July, as well as potential proof-of-concept for anti-IL-18 mAb AVTX-007 in relapsed/refractory multiple myeloma. In 1Q22, we should see clinical POC readouts on AVTX-007 in adult-onset Still's disease and on mTORc1/c2 inhibitor AVTX-006 in complex lymphatic malformations. AVTX's ~$265M EV suggests shares hold significant upside potential as pipeline progress is registered. Reiterate Outperform."

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