RBC Capital Downgrades Adverum Biotechnologies (ADVM) to Sector Perform

RBC Capital analyst Luca Issi downgraded Adverum Biotechnologies (NASDAQ: ADVM) from Outperform to Sector Perform with a price target of $6.00 (from $30.00).

The analyst comments "ADVM announced a serious adverse event of hypotony (decreased intraocular pressure), panuveitis and loss of vision in a DME patient. While this occurred 7.5 months post gene therapy and at a high dose no longer being pursued for wAMD, we are stepping to the sidelines awaiting further clarity from ADVM and the FDA. An extensive analysis is ongoing, but we are cautious given, in contrast with what happened recently toQURE, it will be more challenging to definitively rule out a causal relationship. Downgrading to Sector Perform, price target from $30 to $6; Speculative Risk qualifier remains."

For an analyst ratings summary and ratings history on Adverum Biotechnologies click here. For more ratings news on Adverum Biotechnologies click here.

Shares of Adverum Biotechnologies closed at $5.65 yesterday.

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