Avrobio (AVRO) PT Lowered to $6 at Needham & Company, "Buy" Rating Maintained, "Encouraged by Evolving ARV-RD-04 Results"

Needham & Company analyst Gil Blum lowered the price target on Avrobio Inc. (NASDAQ: AVRO) to $6.00 (from $8.00) while maintaining a Buy rating, following the company's presentation of updated ARV-RD-04 data.

The analyst comments: "All 5 Cystinosis patients dosed with ARV-RD-04 show signs of engraftment. Long term follow-up on the three patients with >12 months follow-up shows consistent reductions in serum cystine resulting in consistent reductions across patient tissues. AvroBio also presented new assessments of visual acuity and motor coordination (Beery test VMI) demonstrating stabilization of VMI driven by improvements in coordination and visual perception. Importantly, all 5 patients remain off costly and burdensome cysteamine pills. We are encouraged by the evolving results particularly given they were seen in adults with progressive disease. AvroBio will meet with regulators in 2H:22 and plans to initiate a pivotal study in 2023. We reiterate our Buy rating but are reducing our Target from $8 to $6 to accommodate higher discount rates."

By Vlad Schepkov

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