Adverum clinical hold likely short-lived, says Piper Jaffray

Piper Jaffray analyst Tyler Van Buren believes the clinical hold placed on Adverum Biotechnologies’ investigational new drug application will be short-lived.The clinical hold is unrelated to safety and Adverum responded to the FDA within days, Van Buren tells investors in a research note. This gives him confidence that patients could be dosed in the second cohort later this quarter. Further, the disclosure that initial efficacy data from the first six patients will be reported later this year is earlier than anticipated and suggests that the company may be seeing encouraging signs of activity at the first dose level, says the analyst. He keeps an Overweight rating on Adverum Biotechnologies with an $8 price target.
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