RBC Capital lowered the firm’s price target on Adverum Biotechnologies (ADVM) to $4 from $5 and keeps a Sector Perform rating on the shares after its Q1 results. The company’s first US-based wet AMD pivotal study is underway and is enrolling both treatment-experienced and treatment-naive patients, though the firm’s reduced price target reflects Adverum’s financial overhang as it remains on the sidelines pending further de-risking, the analyst tells investors in a research note.
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