ADVM stock was up in early trading on February 10, 2020, after a Cantor Fitzgerald upgrade.

Cantor Fitzgerald analyst Alethia Young upgraded Adverum Biotechnologies to Overweight from Neutral with a price target of $21, up from $8.

Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases, today announced new interim clinical data from the OPTIC Phase 1 dose-ranging clinical trial of ADVM-022 intravitreal injection gene therapy. OPTIC includes treatment-experienced patients with wet age-related macular degeneration (AMD). The data are being presented today by David S. Boyer, M.D., senior partner, Retina-Vitreous Associates Medical Group and adjunct clinical professor of ophthalmology with the University of Southern California/Keck School of Medicine in Los Angeles, at the Angiogenesis, Exudation, and Degeneration 2020 Annual Meeting in Miami.

Highlights:

  • Robust efficacy with evidence of a dose response
  • 6/6 patients rescue-injection-free in cohort 1, with 3 patients at 52 weeks
  • 4/6 patients rescue-injection-free in cohort 2 (lower dose) at 24 weeks

Piper Sandler analyst Tyler Van Buren was impressed with the level of consistency that he has observed in Adverum’s OPTIC study over the last few updates. Tyler says that ADVM-022 not only continues to appear viable, but it is shaping up to be a potentially superior and transformative treatment option. He has an Overweight rating and $20 price target on the shares. Tyler says that the Angiogenesis update this weekend showed cohort 1 patients remain injection-free out to a median of 50 weeks, with 3/6 having completed a full year. He also said that the first cohort 2 data demonstrated a clear dose response with 4/6 patients responding at a dose that is 3-times lower. Additionally, physicians’ ability to manage inflammation appears to be improving significantly.

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