Adverum Biotechnologies (ADVM) PT Lowered to $20 at Mizuho

Mizuho analyst Graig Suvannavejh lowered the price target on Adverum Biotechnologies (NASDAQ: ADVM) to $20.00 (from $22.00) while maintaining a Outperform rating.

The analyst comments "ADVM reported 2Q24 results last week, where most incremental was official selection of 6E10 as the go-forward dose for lead asset ixo-vec (a gene therapy) for wet age-related macular degeneration/wAMD. (We note this decision appears based on the results of the interim, 26-week Phase 2 LUNA study, which were reported in July, LINK). Otherwise, coming out of ADVM's 2Q, next key corporate milestones (see below) remain on track, and the cash runway was maintained at late 2025. On a post-2Q updated model, we adjust our 12-month PT to $20 (vs. our prior $22), but with our overall thesis unchanged, and multiple near-term catalysts providing opportunities for positive stock inflection, we maintain our Outperform/OP rating on ADVM."

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