Chardan analyst Daniil Gataulin upgraded Adverum Biotechnologies to Buy from Neutral with a price target of $4, up from $2. The company reported Q2 financial results and provided updates on its lead gene therapy program ixoberogene soroparvovec in wet age-related macular degeneration, the analyst tells investors in a research note. Despite the recent stock rally, the firm believes the risk-reward for Adverum is favorable ahead of its Phase 2 LUNA trial readouts later this year. The safety overhang from the Phase 2 INFINITY trial in diabetic macular edema “is all but history,” says Chardan.
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