Piper Jaffray analyst Joshua Schimmer views Avalanche Biotechnologies' Phase 2a results for AVA-101 in wet age-related macular degeneration as largely in-line with his expectations. Calling the data "controversial" and pointing out many expressed disappointment in management's handling of the conference call, Schimmer tells investors the "small" trial demonstrated "safety and evidence of biologic activity," while leaving "plenty of room for improvement." Schimmer remains positive on Avalanche's "expanding gene therapy pipeline" and reiterates an Overweight rating on the stock with a $52 price target. He recommends "jets be cooled" to allow the company time to hone in on a group of wet AMD patients most likely to respond to AVA-101 therapy in the upcoming P2b trial and to further analyze the P2a results. Avalanche shares are down $18.87 to $20.01 in pre-market trading. The stock was downgraded this morning by SunTrust and William Blair.