In a report released today, Matthew Caufield from H.C. Wainwright reiterated a Buy rating on Adverum Biotechnologies, with a price target of $30.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Matthew Caufield has given his Buy rating due to a combination of factors including the promising progress in Adverum Biotechnologies’ Phase 3 ARTEMIS trial for their lead gene therapy candidate, Ixo-vec, aimed at treating wet AMD. The company has completed patient screening ahead of schedule, indicating strong demand for this novel therapy among retinal specialists and patients, which could potentially shift the current treatment paradigm by reducing the frequency of anti-VEGF injections.
Additionally, despite the financial challenges, the company’s recent $10M private placement and existing cash reserves are expected to support operations into late 2025. Caufield believes that the differentiated therapeutic profile of Ixo-vec, demonstrated in previous trials, supports the likelihood of securing necessary financing or partnerships. This, combined with the broad patient population included in the ARTEMIS trial, underpins his confidence in the future success and broad applicability of Ixo-vec, justifying the Buy rating.