Promising Outlook for Adverum Biotechnologies: Buy Rating on ixo-vec’s Advancements in Wet AMD Treatment

TD Cowen analyst Joseph Thome has maintained their bullish stance on ADVM stock, giving a Buy rating today.

Joseph Thome has given his Buy rating due to a combination of factors that highlight the potential of Adverum Biotechnologies’ developments in the treatment of wet age-related macular degeneration (AMD). The company has initiated the first Phase III study for their ixo-vec treatment, known as the ARTEMIS study, which is designed to assess the efficacy of ixo-vec in a patient population that mirrors real-world usage. This study is significant as it includes both treatment-naive and previously treated patients, offering a comprehensive evaluation of the treatment’s effectiveness.
Moreover, the high level of investigator interest and the ahead-of-schedule patient enrollment in the ARTEMIS study further underscore the promising outlook for Adverum’s ixo-vec. The management’s plans to initiate a second Phase III study and a smaller study to support bilateral injections also indicate a strategic approach toward advancing their treatment pipeline. These factors, combined with the competitive profile of ixo-vec in the wet AMD market, contribute to Thome’s positive outlook and Buy rating for the stock.

In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $30.00 price target.

Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ADVM in relation to earlier this year.