Adverum price target lowered to $8 from $12 at Piper Jaffray

Adverum price target lowered to $8 from $12 at Piper Jaffray. Piper Jaffray analyst Tyler Van lowered his price target for Adverum Biotechnologies to $8 after the company announced the discontinuation of lead candidate ADVM043 for A1AT deficiency citing failure to achieve clinically relevant therapeutic protein levels. Additionally, because it uses the same vector, the ADVM053 program for hereditary angioedema is now on hold with an expected update in the first half of next year, Van Buren tells investors in a research note. The analyst says that while disappointing, Adverum has above $3 per share in cash. His new price target does provide some value for the ADVM022 program for wet AMD. The analyst keeps an Overweight rating on Adverum Biotechnologies.
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