Oppenheimer Starts Adverum Biotechnologies (ADVM) at Outperform

Oppenheimer analyst Francois Brisebois initiates coverage on Adverum Biotechnologies (NASDAQ: ADVM) with a Outperform rating and a price target of $25.00.

The analyst comments "Despite entrance of new longer-duration anti-VEGFs therapies, wet AMD (~20M globally, ~1.5M in US) patients still face a high injection burden (overall: once every 1-4 months). ADVM’s gene therapy, Ixo-vec, is designed to provide long-term levels of a well-established anti-VEGF agent, Aflibercept. It has shown best-in-class 94% reduction in treatment burden at six months and 85% injection-free rate (P2 LUNA), and 84% burden reduction and 53% injection-free rate for up to >3 years (P1 OPTIC). Despite initial safety concerns (different indication), the tolerability profiles in P1 (>4 years in high dose) and ongoing P2 (preliminary 6-month data) are encouraging. Our KOLs' positive outlook on Ixo-vec’s safety/efficacy, inflammation management, and intravitreal administration reinforce our conviction in its commercial potential. We initiate with Outperform and $25 PT."

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 $6.84 yesterday.

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