TD Cowen analyst Joseph Thome has maintained their bullish stance on ADVM stock, giving a Buy rating today.
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Joseph Thome has given his Buy rating due to a combination of factors including the promising progress of Adverum Biotechnologies’ ixo-vec therapy for wet AMD. The company has completed screening for its Phase III ARTEMIS study ahead of schedule, which suggests strong demand and a positive outlook for patient enrollment.
Additionally, the study’s design, which includes both treatment-naive and previously treated patients, is expected to provide a comprehensive understanding of ixo-vec’s efficacy, potentially offering advantages over competitors. Furthermore, despite concerns about funding, management’s confidence in securing non-dilutive financing options such as royalty transactions or partnerships supports the potential for future growth, making the stock appear undervalued at its current price.
Thome covers the Healthcare sector, focusing on stocks such as United Therapeutics, PTC Therapeutics, and uniQure. According to TipRanks, Thome has an average return of 5.3% and a 51.24% success rate on recommended stocks.
In another report released today, Mizuho Securities also maintained a Buy rating on the stock with a $12.00 price target.