Adverum Biotechnologies initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Adverum Biotechnologies with an Outperform rating and $25 price target. Despite entrance of new longer-duration anti-VEGFs therapies, wet macular degeneration patients still face a high injection burden, the analyst tells investors in a research note. The firm says Adverum’s gene therapy, Ixo-vec, is designed to provide long-term levels of a well-established anti-VEGF agent, Aflibercept. It has shown “best-in-class” 94% reduction in treatment burden at six months and 85% injection-free rate, according to Oppenheimer.