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Adverum Biotechnologies Inc. (NASDAQ:ADVM) stock has reached a 52-week low, dipping to $3.95, with a market capitalization of just $83.2 million. According to InvestingPro analysis, the company faces a challenging period marked by a significant downturn over the past year, with the stock currently trading below its Fair Value. The biotechnology firm, which specializes in gene therapy targeting unmet medical needs in serious ocular and rare diseases, has seen its shares plummet, with InvestingPro data showing a nearly 80% decline over the past year. While the company maintains more cash than debt on its balance sheet, five analysts have recently revised their earnings expectations downward, reflecting ongoing concerns about the company’s clinical programs. InvestingPro subscribers have access to 10+ additional insights about ADVM’s financial health and market position through the comprehensive Pro Research Report.
In other recent news, Adverum Biotechnologies has been in the spotlight due to significant developments regarding its gene therapy candidate, Ixo-vec. Mizuho (NYSE:MFG) Securities recently adjusted its financial outlook for Adverum, reducing the price target on the company’s shares to $16.00 from $20.00, but maintaining an Outperform rating. This adjustment was influenced by Adverum’s recent announcement of robust study data for Ixo-vec, which led Mizuho to increase its peak sales estimate by approximately 45% to $2.6 billion.
Furthermore, Adverum reported promising results from its LUNA Phase 2 trial and long-term OPTIC study data, showing Ixo-vec’s potential as a sustained treatment option for wet age-related macular degeneration (wet AMD (NASDAQ:AMD)). The company also announced plans to advance the 6E10 dose with steroid eye drops into two Phase 3 registrational studies, with the initial ARTEMIS study expected to begin in the first half of 2025.
Besides, Adverum announced it would host a webcast to discuss long-term clinical data for Ixo-vec. The U.S. Food and Drug Administration (FDA) has granted Fast Track designation to Ixo-vec for wet AMD treatment, highlighting the need for new therapeutic options. These are the recent developments concerning Adverum Biotechnologies.
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