RBC Capital lowered the firm’s price target on Adverum Biotechnologies to $2 from $3 and keeps a Sector Perform rating on the shares after its “incremental” Q4 update. The company’s full 6-month results from LUNA are expected in mid-2024, and Adverum plans to initiate a Phase 3 study in the first half of 2025, the analyst tells investors in a research note. While the overall, recent data clearly suggests that lowering the dose and increasing steroid exposure improves the therapeutic index, given the history of some late inflammation occurring in prior trials, the firm prefers to remain on the sidelines awaiting further de-risking, RBC added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on ADVM:
- Adverum Biotechnologies Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Pipeline Highlights and Corporate Updates
- Adverum Biotechnologies files to sell 106.48M shares of common stock for holders
- ADVM Upcoming Earnings Report: What to Expect?
- Adverum Biotechnologies to Participate in the TD Cowen 44th Annual Health Care Conference
- Adverum’s Ixoberogene Soroparvovec Shows Promise in LUNA Trial
