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On Monday, Mizuho Securities adjusted its price target for Adverum Biotechnologies (NASDAQ:ADVM), a biotechnology company trading on NASDAQ:ADVM, reducing it to $20.00 from the previous $22.00. Despite this change, the firm has maintained its "Outperform" rating on the stock.
Last week, Adverum Biotechnologies announced its second-quarter results for 2024, highlighting the selection of 6E10 as the preferred dosage for its leading gene therapy product, ixo-vec, which is being developed for wet age-related macular degeneration (wAMD). This decision was informed by the interim results of the 26-week Phase 2 LUNA study released in July.
In the wake of the second-quarter report, Adverum's upcoming corporate milestones appear to be proceeding as planned. Additionally, the company's financial forecast indicates that its cash reserves should last until late 2025.
The adjustment of the 12-month price target to $20 reflects updates to Mizuho's financial model post-second-quarter results. However, the firm's overall investment thesis for Adverum remains unchanged. Mizuho sees multiple near-term catalysts that could positively impact the stock's performance, reinforcing their decision to uphold the "Outperform" rating.
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