Adverum Biotechnologies price target lowered to $12 from $15 at RBC Capital

RBC Capital analyst Luca Issi lowered the firm’s price target on Adverum Biotechnologies to $12 from $15 and keeps a Sector Perform rating on the shares after its Q2 results. The recent Ixo-vec LUNA trial data clearly suggests that lowering the dose and increasing steroid exposure improves the therapeutic index, though the firm remains “on the sidelines awaiting further de-risking” given the prior history and in the context of an increased competitive landscape, the analyst tells investors in a research note.