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Fly News Breaks for January 12, 2020
ADVM
Jan 12, 2020 | 19:31 EDT
Piper Sandler analyst Tyler Van Buren raised his price target for Adverum Biotechnologies to $20 from $14 as he believes the latest update demonstrates that ADVM-022 is separating itself from other gene therapy competitors. The analyst notes that the company said the first ADVM-022 patient is injection-free for a year now and all cohort 1 patients are injection free out to a median of 44 weeks, which well surpasses the recently reported 73% rate for RGNX314 at 24 weeks. The lack of rescue injections in ADVM-022 patients continues to be supported by stability in anatomy and visual acuity, which improved another half letter as of the data cutoff, he adds. Moreover, Van Buren points out that topical steroids appear to be sufficient for treating the inflammation per the time course plots, giving him confidence in the topical steroid approach to cohorts 3 and 4. He reiterates an Overweight rating on the shares.
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