Mizuho lowered the firm’s price target on Adverum Biotechnologies (ADVM) to $12 from $16 and keeps an Outperform rating on the shares. The firm updated the company’s model post the Q2 report. Its positive view on Adverum’s lead asset ixo-vec remains unchanged. Mizuho remains “quite bullish” on ixo-vec’s commercial prospects, but given Adverum’s “very limited cash,” it thinks a near-term announcement on either a meaningful financing or significant partnership announcement “is critical.”
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