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Adverum Biotechnologies shares gain on upbeat analyst initiation

EditorAhmed Abdulazez Abdulkadir
Published 25/06/2024, 11:38
ADVM
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Tuesday, Oppenheimer initiated coverage on Adverum Biotechnologies (NASDAQ:ADVM), a company traded on NASDAQ under the ticker ADVM, with an Outperform rating and a price target of $25.00. The biotech firm's focus is on gene therapy treatments, and its leading candidate, Ixo-vec, is designed to reduce the treatment burden for patients with wet age-related macular degeneration (AMD (NASDAQ:AMD)), a condition affecting approximately 20 million people worldwide and 1.5 million in the United States.

Wet AMD patients currently need frequent anti-VEGF injections, ranging from once every one to four months. However, Adverum's Ixo-vec aims to provide long-term levels of Aflibercept, an established anti-VEGF agent, to potentially decrease the frequency of these treatments. Clinical results have shown a 94% reduction in treatment burden at six months and an 85% injection-free rate from the Phase 2 LUNA study. Additionally, data from the Phase 1 OPTIC study demonstrated an 84% burden reduction and a 53% injection-free rate for a period extending beyond three years.

The company has faced initial safety concerns, but the tolerability profiles in the ongoing studies, including Phase 1 with more than four years of high-dose data and preliminary six-month data from Phase 2, have been described as encouraging. Key opinion leaders (KOLs) have expressed a positive outlook on Ixo-vec's safety, efficacy, inflammation management, and its method of intravitreal administration. This has reinforced the firm's belief in the gene therapy's commercial potential.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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