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Investing.com - Mizuho maintained its Outperform rating and $5.50 price target on Adverum Biotechnologies (NASDAQ:ADVM) following the company’s third-quarter 2025 financial results.
The gene therapy company remains on track with enrollment completion in its Phase 3 ARTEMIS study for lead asset ixo-vec, with top-line data still expected in the fourth quarter of 2025 and first quarter of 2027, respectively.
Adverum’s global Phase 3 AQUARIUS study is scheduled to begin this quarter, according to Mizuho’s analysis of the company’s recent regulatory filings.
The pending acquisition of Adverum by Eli Lilly is still expected to complete this quarter, with Mizuho noting potential upside for investors interested in holding the long-dated contingent value rights (CVRs) associated with the transaction.
Mizuho expressed unchanged views on ixo-vec’s approvability, commercial potential, and expected timelines, supporting its continued Outperform rating on the stock.
In other recent news, Adverum Biotechnologies announced an acquisition agreement with Eli Lilly, valuing the company at $3.56 per share in cash. This deal includes a contingent value right (CVR) that could add up to $8.91 per share, making the total potential value of the transaction $12.47 per share. The acquisition is part of Eli Lilly’s strategy to expand its genetic medicine portfolio. Following the announcement, RBC Capital raised its price target for Adverum to $4.00, maintaining a Sector Perform rating. In contrast, Chardan Capital Markets downgraded Adverum from Buy to Neutral, adjusting its price target from $33.00 to $5.00. These changes reflect the varying analyst perspectives on the acquisition’s implications. The total transaction value could reach approximately $1 billion, contingent on specific milestone achievements. This acquisition marks a significant development in the pharmaceutical sector’s focus on gene therapy.
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