Adverum Biotechnologies price target lowered to $10 from $12 at RBC Capital

RBC Capital analyst Luca Issi lowered the firm’s price target on Adverum Biotechnologies (ADVM) to $10 from $12 and keeps a Sector Perform rating on the shares after its Q3 results. The company’s wet AMD pivotal study start remains on track for the first half of 2025 and a trial design update is expected this quarter, but while the ecent data clearly suggests that lowering the dose and increasing steroid exposure improves the therapeutic index, given prior history and in the context of an increased competitive landscape, the firm remains on the sidelines awaiting further de-risking, the analyst tells investors in a research note.