Avrobio share weakness due to no takeout, says Mizuho

Mizuho analyst Uy Ear lowered the firm’s price target on Avrobio to $5 from $6 and keeps a Buy rating on the shares. Investors may have expected an Avrobio takeout announcement heading into the Q4 earnings release based on previous reports on Bloomberg and elsewhere, leading to the post-results stock weakness, the analyst tells investors in a research note. However, the firm didn’t find anything negative in the press release or on call with management. The Gaucher type 3 and the cystinosis clinical programs are on track, advancing into registration-enabling trials in the second half of 2023, it points out. The firm cites lower available cash for the target drop.