Adverum Biotechnologies price target raised to $4 from $2 at Mizuho

Mizuho analyst Graig Suvannavejh raised the firm’s price target on Adverum Biotechnologies to $4 from $2 and keeps a Buy rating on the shares ahead of the first interim Phase 2 LUNA study data coming this Thursday. The firm increased its probability of success assumption for lead asset ixoberogene soroparvovec in wet age-related macular degeneration to 60% from 50%. The firm’s increased confidence is based on Adverum’s $127.5M private placement financing “composed of high quality investors” and increased comfort in the broader applicability of gene therapy to the treatment paradigm for wet AMD following yesterday’s presentation of interim Phase 2 data from a competitor.