H.C. Wainwright initiated coverage of Adverum Biotechnologies with a Buy rating and $30 price target. The analyst says Adverum is focused on “challenging the status quo” of conventional chronic intravitreal anti- VEGF therapies in the treatment of wet or neovascular age-related macular degeneration patients. The firm sees a near-term catalyst for shares in the Phase 2 LUNA trial’s 26-week interim analysis anticipated mid-2024.
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