Adverum Biotechnologies price target lowered to $40 from $60 at Truist

Truist lowered the firm’s price target on Adverum Biotechnologies to $40 from $60 but keeps a Buy rating on the shares after its Q2 results. The risk-reward for Ixo-Vec is “highly favorable” wet age-related macular degeneration and the stock remains “undervalued”, but the firm still has concerns about the drug safety and the company’s funding challenges for Phase 3 trial, the analyst tells investors in a research note. A strategic buy-in or other creative funding strategies to finance a registration Phase 3 program would do much to remove this dark cloud, the firm added.