Five things to watch in markets in the week ahead
Investing.com - Mizuho has reiterated an Outperform rating and $12.00 price target on Adverum Biotechnologies (NASDAQ:ADVM) following positive updates from the company’s Phase 3 ARTEMIS study for its lead asset ixo-vec. The stock has shown strong momentum, surging 41% in the past week, though analyst targets range widely from $3 to $33.
Adverum announced earlier this week that patient screening for the ARTEMIS study is now complete, with enrollment expected to finish in December ahead of schedule. The company has accelerated its timeline for top-line data release to the first quarter of 2027, earlier than the previously announced first half of 2027.
The expedited enrollment is attributed to enthusiasm from both patients and physicians for ixo-vec, a gene therapy being developed as a potential best-in-class treatment for wet age-related macular degeneration (wAMD).
Mizuho noted that Adverum’s management maintains "unwavering confidence" in securing a partnership deal for ixo-vec, despite the partnership process taking longer than initially anticipated. The company is also advancing plans for AQUARIUS, a second required pivotal Phase 3 study.
The research firm remains bullish on Adverum’s prospects, citing the positive trial developments and potential partnership opportunities as key factors supporting its Outperform rating.
In other recent news, Adverum Biotechnologies has made significant strides in its pivotal ARTEMIS Phase 3 trial for wet AMD gene therapy. The company announced it expects to complete enrollment ahead of schedule, with full enrollment now anticipated in the fourth quarter of 2025, rather than the previously projected first quarter of 2026. This accelerated timeline means Adverum aims to report topline results from the trial in the first quarter of 2027. Meanwhile, H.C. Wainwright reiterated its Buy rating for Adverum Biotechnologies, maintaining a price target of $30.00, reflecting confidence in the company’s progress. Conversely, Mizuho adjusted its price target for the company, lowering it to $12.00 from $16.00, while maintaining an Outperform rating. This adjustment was influenced by updated financials for the first quarter of 2025 and an increased weighted average cost of capital assumption. Despite these changes, Adverum’s advancements in the ARTEMIS trial continue to be a focal point for investors.
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