Avrobio downgraded to Neutral at Wedbush after wind down announcement

As previously reported, Wedbush analyst David Nierengarten downgraded Avrobio to Neutral from Outperform with an unchanged price target of $2 after the company announced that it is stopping development of its gene therapy programs and will pursue strategic alternatives. The firm’s price target reflects existing cash levels minus separation costs that are likely to occur in Q3 as the company expects to cut about 50% of its workforce by the end of July and said remaining employees will support efforts to pursue alternatives.