Avalanche Biotechnologies (AAVL) PT Raised to $47 at Piper Jaffray

Piper Jaffray analyst Joshua Schimmer reiterated an Overweight rating and boosted his price target on Avalanche Biotechnologies (NASDAQ: AAVL) to $47.00 (from $39.00) after hosting management in Boston yesterday for meetings with investors.

Schimmer commented, " The level of interest was high as the company continues to execute and prepare for initiation of
the Phase 2b multi-center trial for AVA-101, the lead gene therapy candidate for wet-AMD, ahead of the Phase 2a data expected in mid-2015. Investors are beginning to look beyond the P2a data and increasingly toward the platform/pipeline which is a theme we expect to continue with gene therapy more broadly. We reiterate our OW rating and are increasing our PT from $39 to $47 as we increase our growth rate to reflect the broad LT opportunity from the pipeline."

The analyst also notes AAVL is presenting at our PJC Healthcare Conference this week.

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

Shares of Avalanche Biotechnologies closed at $37.94 yesterday.

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