Adverum's lead gene therapy candidate continues to impress in its early-stage trial.
AbbVie, Adverum Biotechnologies, and Heron Therapeutics could all be gearing up for a strong May. Here's why.
Is (ADVM) Outperforming Other Medical Stocks This Year?
Adverum Biotechnologies (ADVM) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank 2 (Buy).
REDWOOD CITY, Calif., May 21, 2020 -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare.
The company's experimental gene therapy for a common cause of blindness showed promise in a clinical trial.
Adverum Biotechnologies (ADVM) has been upgraded to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
Does Adverum Biotechnologies (ADVM) have what it takes to be a top stock pick for momentum investors? Let's find out.
Wednesday's top analyst upgrades and downgrades included Bluebird Bio, Ciena, CommVault Systems, Dollar General, JD.com, Kroger, Nucor, Target and Walmart.
Adverum Biotechnologies said Tuesday the effect of its gene therapy on an eye disease lasted for more than a year in a Phase 1 test of six patients — prodding Adverum stock to rocket.
Times are changing on Wall Street. The COVID-19 pandemic and the havoc it’s wreaking have induced levels of return dispersion unlike anything witnessed since the Great Depression, but this isn’t necessarily a bad thing for investors. Up until recently, the de…
REDWOOD CITY, Calif., April 30, 2020 -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare.
Adverum Biotechnologies, Inc. (ADVM), a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases, today announced the appointment of Scott Whitcup, M.D. to the Company’s Board of Directors. “We are delighted to welcome Scott to our board,” said Patrick Machado, J.D., Board Chair of Adverum Biotechnologies.
The company's experimental gene therapy for a common cause of blindness showed promise in a clinical trial.
AbbVie, Adverum Biotechnologies, and Heron Therapeutics could all be gearing up for a strong May. Here's why.
Adverum (ADVM) has seen solid earnings estimate revision activity over the past month, and belongs to a strong industry as well
Here's a roundup of top developments in the biotech space over the last 24 hours:Scaling The Peaks (Biotech stocks hitting 52-week highs May 5.) * Arcturus Therapeutics Ltd (NASDAQ: ARCT) (announced a partnership with Catalent Inc (NYSE: CTLT) for manufacturing of a vaccine against the novel coronavirus) * BIO-TECHNE Corp (NASDAQ: TECH) * Bio-Rad Laboratories, Inc. Class A Common Stock (NYSE: BIO) * ChemoCentryx Inc (NASDAQ: CCXI) * DexCom, Inc. (NASDAQ: DXCM) (received Health Canada temporary authorization for its Dexcom G6 CGM for use in hospitals to monitor critically ill patients during COVID-19 pandemic) * Halozyme Therapeutics, Inc. (NASDAQ: HALO) (announced FDA approval for Johnson & Johnson (NYSE: JNJ) Janssen unit's subcutaneous formulation of Darzalex, which uses Halozyme's Enhanze technology, in treating multiple myeloma) * Imara Inc (NASDAQ: IMRA) * Immunomedics, Inc. (NASDAQ: IMMU) (announced the commercial availability of its recently-approved breast cancer drug Trodelvy in the U.S.) * Masimo Corporation (NASDAQ: MASI) * Minerva Neurosciences Inc (NASDAQ: NERV) * Vermillion, Inc. (NASDAQ: VRML) * Zynex Inc. (NASDAQ: ZYXI)None of the biotech/medical devices/diagnostics company hit 52-week lows Monday.Stocks In Focus Adverum's Gene Therapy Shows Robust Efficacy, Safety In Phase 1 Study For Wet Age-Related Macular Degeneration Adverum Biotechnologies Inc (NASDAQ: ADVM) announced new interim clinical data from Cohorts 1-3 of the OPTIC Phase 1 dose-ranging clinical study of single-dose of ADVM-022 intravitreal injection gene therapy in patients with wet age-related macular degeneration, which further demonstrated the transformative potential of ADVM-022 to greatly reduce anti-VEGF injection burden in wet AMD."It's impressive to see the long-term durability demonstrated at the higher dose of ADVM-022 in a patient population that previously required frequent injections to maintain their vision and are now beyond one year of follow-up with no rescue injections," Arshad Khanani, the study's principal investigator, said in a statement.The company also offered a business update, reporting cash, cash equivalents and short-term investments of $297 million as of March 31. Adverum said it expects to submit a NDA for ADVM-022 in diabetic retinopathy in the first half of 2020 and present data from all four cohorts of the OPTIC trial in the second half.Bio-Rad Droplet Digital PCR Test Kit For Coronavirus Receives EUA Bio-Rad said its SARS-CoV-2 Droplet Digital PCR test kit has been granted Emergency Use Authorization by the FDA. The SARS-CoV-2 Droplet Digital PCR test runs on Bio-Rad's QX200 and QXDx ddPCR systems.Chembio's Serological Test For Coronavirus Gets CE Marking Chembio Diagnostics Inc (NASDAQ: CEMI) said it has attained the CE Marking for its DPP COVID-19 System. The CE Marking allows the company commercialize the system within the member states of the European Union and the Caribbean region, except for Puerto Rico.The DPP COVID-19 System is a serological test and analyzer that provides numerical readings for both IgM and IgG antibody levels within 15 minutes from a simple finger stick drop of blood. The test has received EUA in the U.S.Separately, the company reported first-quarter results, showing a 20% decline in revenue to $6.9 million and a wider net loss of 29 cents per share.In premarket trading Tuesday, the stock was gaining 17.47% to $14.39.View more earnings on IBBSee also: Attention Biotech Investors: Mark Your Calendar For These May PDUFA Dates Regeneron, Sanofi Say PD-1 Inhibitor Libtayo Found Effective In Skin Cancer In Pivotal Study Regeneron Pharmaceuticals Inc (NASDAQ: REGN) and Sanofi SA (NASDAQ: SNY) announced top-line data from a pivotal, single-arm, open-label trial of PD-1 inhibitor Libtayo in patients with advanced basal cell carcinoma who had progressed on or were intolerant to prior hedgehog pathway inhibitor therapy. The data showed the investigational asset demonstrated clinically meaningful and durable responses in this group of patients for whom there are currently no approved treatments.The companies said they plan regulatory submissions in 2020.Libtayo was approved in September 2018 by the FDA to treat patients with metastatic cutaneous squamous cell carcinoma.Insmed Announces Secondary Offering Of Common Stock Insmed Incorporated (NASDAQ: INSM) said it intends to offer and sell shares of its common stock in an underwritten public offering. All the shares are being offered by the company.The stock was down 0.84% at $24.65 in Tuesday's premarket session.Earnings GenMark Diagnostics, Inc (NASDAQ: GNMK) announced first-quarter revenue of $38.7 million, in line with the number it mentioned in its April 8 pre-announcement and representing an 80% year-over-year increase. The loss per share narrowed from 21 cents to 12 cents, while analysts estimated a loss of 14 cents per share.The company raised its full-year revenue guidance to $120 million to $130 million, ahead of the $108.58-million consensus estimate, and it also increased its gross margin guidance to 38-40%.Separately, GenMark announced the appointment of Scott Mendel as CEO. Mendel has been serving as CEO on an interim basis since February.The stock was up 13.29% at $13.30 in the premarket session.On The Radar Earnings * Oxford Immunotec Global PLC (NASDAQ: OXFD) (before the market open) * Karyopharm Therapeutics Inc (NASDAQ: KPTI) (before the market open) * Haemonetics Corporation (NYSE: HAE) (before the market open) * Antares Pharma Inc (NASDAQ: ATRS) (before the market open) * Harvard Bioscience, Inc. (NASDAQ: HBIO) (before the market open) * Vericel Corp (NASDAQ: VCEL) (before the market open) * Regeneron * Neuronetics Inc (NASDAQ: STIM) (before the market open) * Mallinckrodt PLC (NYSE: MNK) (before the market open) * Akebia Therapeutics Inc (NASDAQ: AKBA) (before the market open) * Agile Therapeutics Inc (NASDAQ: AGRX) (after the market close) * Aquestive Therapeutics Inc (NASDAQ: AQST) (after the market close) * Akcea Therapeutics Inc (NASDAQ: AKCA) (after the market close) * Acorda Therapeutics Inc (NASDAQ: ACOR) (after the market close) * Axonics Modulation Technologies Inc (NASDAQ: AXNX) (after the market close) * Synthetic Biologics Inc (NYSE: SYN) (after the market close) * T2 Biosystems Inc (NASDAQ: TTOO) (after the market close) * Iovance Biotherapeutics Inc (NASDAQ: IOVA) (after the market close) * MacroGenics Inc (NASDAQ: MGNX) (after the market close) * Zogenix, Inc. (NASDAQ: ZGNX) (after the market close) * Jazz Pharmaceuticals PLC (NASDAQ: JAZZ) (after the market close) * Exelixis, Inc. (NASDAQ: EXEL) (after the market close) * Myriad Genetics, Inc. (NASDAQ: MYGN) (after the market close) * Inspire Medical Systems Inc (NYSE: INSP) (after the market close) * Rigel Pharmaceuticals, Inc. (NASDAQ: RIGL) (after the market close) * Supernus Pharmaceuticals Inc (NASDAQ: SUPN) (after the market close) * Nevro Corp (NYSE: NVRO) (after the market close) * Clovis Oncology Inc (NASDAQ: CLVS) (after the market close) * InVitae Corp (NYSE: NVTA) (after the market close) * Cytosorbents Corp (NASDAQ: CTSO) (after the market close) * Cardiovascular Systems Inc (NASDAQ: CSII) (after the market close) * Cerus Corporation (NASDAQ: CERS) (after the market close) * Deciphera Pharmaceuticals Inc (NASDAQ: DCPH) (after the market close) * Incyte Corporation (NASDAQ: INCY) (after the market close) * Orthopediatrics Corp (NASDAQ: KIDS) (after the market close)Related Link: The Week Ahead In Biotech: Smid-Cap Earnings News Flow Picks Up Pace See more from Benzinga * The Daily Biotech Pulse: Gilead Slips Despite Forecast-Beating Q1, Moderna Partners With Lonza For Coronavirus Vaccine Production, Lyra Therapeutics IPO(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Avrobio and Magenta will collaborate on a novel ADC.Adverum reports positive wet AMD data.AstraZeneca's Farxiga is approved.
What happened Adverum Biotechnologies (NASDAQ: ADVM), a clinical-stage gene therapy company, is off to a particularly good start today. Specifically, the biotech's shares are up by a healthy 25%, on extremely heavy volume, as of 9:39 a.
Is (ADVM) Outperforming Other Medical Stocks This Year?
-- Robust efficacy and evidence of a dose response from single intravitreal injection (IVT) of ADVM-022 -- -- Long-term durability beyond 1 year from single IVT injection of.
Q4 2019 Adverum Biotechnologies Inc Earnings Call
Times are changing on Wall Street. The COVID-19 pandemic and the havoc it’s wreaking have induced levels of return dispersion unlike anything witnessed since the Great Depression, but this isn’t necessarily a bad thing for investors. Up until recently, the decade had seen low return dispersion, or the variation among stocks’ returns was relatively limited. Given the narrower range of returns, it became more challenging to zero in on the names escaping the attention of other stock pickers. As a result, there was a surge in index-tracking passive funds, and several active managers found it difficult to deliver wins. Enter COVID-19-related economic uncertainty. Not only have global markets been rattled, but corporate profits have also been pushed lower. In addition, valuations have been propelled in every possible direction. This in turn has caused stock returns to diverge the most since the recession in 2007-2009, notes Goldman Sachs strategist Ryan Hammond. Hammond argues that return dispersion comes down to two factors, stock correlations and market volatility, with it at the highest levels when correlations fall and volatility is heightened. While volatility was primarily to blame, the Goldman Sachs strategist points out that lower correlations usually come hand in hand with declining volatility, and thus, he expects the dispersion to persist. This presents investors with an exciting opportunity to scope out the names poised to outperform, especially in the midst of earnings season. Bearing this in mind, we used TipRanks’ database to evaluate the long-term growth prospects of three stocks in Goldman Sachs’ coverage universe. According to the platform, substantial gains could be in store for each ticker. We’re talking about over 30% here. Let’s jump right in. Alector Inc. (ALEC) The first of Goldman Sachs’ picks is Alector, a biotech name that uses the power of the immune system to strengthen pipeline innovation, de-risk clinical programs and advance therapies to treat neurodegenerative and rare, orphan neurological diseases. Even though 2020 has already seen shares climb 40% higher, the firm believes there’s plenty of fuel left in the tank. Writing for Goldman Sachs, four-star analyst Graig Suvannavejh calls the company a “leader in the rapidly emerging I-N space.” To back up this claim, he points to ALEC’s significant focus on therapies that target neurodegeneration (NDG), a space with a very high unmet medical need. This area includes diseases like Alzheimer’s disease (AD), Parkinson’s disease, ALS as well as others. Additionally, the fact that its targets are genetically defined could boost overall probabilities of success (POS) and its diverse portfolio of earlier-stage assets gives it more pipeline optionality. When it comes to the AD opportunity specifically, Suvannavejh likes what he’s seeing. “We favor ALEC for its prospects for Phase 2-ready AL002 and AL003, antibodies directed against TREM2 and CD33/SIGLEC 3, respectively, for AD, which are partnered with AbbVie, and, given the extreme unmet medical need in AD, we model $7.5 billion and $5.9 billion, respectively in risk-unadjusted peak year sales,” he commented. That being said, for 2020, Suvannavejh argues that ALEC’s growth story will be centered around AL001, its sorting receptor that regulates levels of progranulin (PGRN) in plasma and the brain, in frontotemporal dementia (FTD), with a pivotal trial slated for this calendar year. He noted, “With that in mind, and incremental AL001 data updates expected this year, we see opportunities for positive share inflection from current levels...we see another meaningful ($1.8 billion peak unadjusted sales) and near-term (2024 estimated U.S. launch) revenue opportunity for ALEC, given the potential for ALEC to enter the market ahead of its competitors in the FTD space...” Based on all of the above, Suvannavejh joined the bulls. In addition to initiating his coverage with a Buy rating, he put a $32 price target on the stock. This implies shares could surge 32% in the next twelve months. (To watch Suvannavejh’s track record, click here) What does the rest of the Street have to say? It turns out that other analysts are on the same page. With 100% Street support, or 6 Buy ratings to be exact, the message is clear: ALEC is a Strong Buy. Not to mention the $36.20 average price target puts the upside potential at 50%. (See Alector stock analysis on TipRanks)Adverum Biotechnologies (ADVM) Another biotech company, Adverum is focused on developing ADVM-022, its novel anti-VEGF gene therapy candidate for chronic, degenerative eye diseases. Shares are up 41% in the last month, but there’s still room for ADVM to grow, according to Goldman Sachs. Graig Suvannavejh, who also covers ALEC, argues that ADVM-022 could be “transformative” based on the current nature of the anti-VEGF space. Expounding on this, he stated, “While the anti-VEGF market is large and well-established (c.$11.5 billion in 2019 global sales for current branded products), current treatment with anti-VEGF is sharply limited by the high frequency of direct injections into the eye. This results in lack of compliance, especially given an older patient population, which limits effective treatment.” Looking at ADVM-022, it could be the ideal treatment for retinal disease thanks to the AAV.7m8 vector, which was designed via directed evolution for high infectivity and preferential transduction of retinal cells. “As a result (and in contrast to a chief competitor), ADVM-022 can be delivered via IVT injection, thereby in our view, facilitating the potential of a seamless transition into the current treatment paradigm. Moreover, ADVM-022’s transgene has shown proven real-world efficacy, which serves, in our view, to partially de-risk its still early-stage clinical development,” Suvannavejh said. Even with the currently approved branded therapies, Eylea and Lucentis, set to lose exclusivity in the coming years, Suvannavejh believes the market will most likely put a price premium on differentiated therapies, which bodes well for ADVM. Additionally, while ADVM-022 isn’t expected to launch commercially until 2027, the analyst’s risk-adjusted revenue estimates exceed the consensus by 2033. The candidate could also potentially be evaluated for use in other indications. This seals the deal for Suvannavejh. To kick off his coverage, he assigned a Buy rating and $17 price target. Should this target be met, a twelve-month gain of 42% could be in the cards. ADVM has also received support from other Wall Street analysts. 5 Buys and 1 Hold were issued in the last three months, making the consensus rating a Strong Buy. At $17, the average price target matches Suvannavejh’s. (See Adverum stock analysis on TipRanks)Sogou Inc. (SOGO) Moving into a different industry entirely, we come across Chinese search engine Sogou. It’s no secret that the company has underperformed as of late, but Goldman Sachs thinks the tide could be turning. Ahead of its Q1 earnings release on May 4, four-star analyst Piyush Mubayi acknowledges that SOGO has had a rough going recently. He predicts that search-related revenues will dip 4%/3% year-over-year in Q1/Q2, compared to the 19%/11% year-over-year Q1/Q2 declines at Baidu Core Search. It should also be noted that the analyst cut the 12-month forward target multiple of SOGO’s core business from 9x to 8x, compared to 10x at Baidu, to account for the slower revenue growth outlook. Even though Mubayi believes the tech company will continue to face macro headwinds in the near-term as well as fierce competition in the online advertising industry in the long-term, there are still reasons to be optimistic. “The relatively more resilient growth outlook in the near term is primarily due to 1) smaller search revenue scale (at ~1/9 of that at Baidu in 2019) and 2) lower exposure to healthcare vertical,” Mubayi explained. Adding to the good news, SOGO has remained stable in the mobile query space. According to CTR, looking at mobile queries in December 2019, the company controlled 18.3% of the market in China, down only slightly from 18.5% market share in December 2018. As a result, Mubayi expects that the second largest search player in China will be able to maintain its control of the market. When it comes to advertising, Mubayi commented, “While we remain cautious on the overall advertising industry into 2020E and the increasing competition in ad budget allocation to search in the long term, we think the risk reward at current stock price is to the upside.” All of this prompted Mubayi to upgrade the rating from a Neutral to a Buy. Given the $4.50 price target, shares could rise 33% in the coming twelve months. (To watch Mubayi’s track record, click here) Judging by the overall consensus breakdown, it has been relatively quiet with respect to other analyst activity. Only one other review has been published recently, with the analyst giving the stock a Hold recommendation. Based on 1 Buy and 1 Hold, SOGO earns a Moderate Buy consensus rating. In addition, shares could surge 32% thanks to the $4.45 average price target. (See Sogou price targets and analyst ratings on TipRanks)
Tuesday's top analyst upgrades and downgrades included AppFolio, BioCryst Pharmaceuticals, Booking, DraftKings, Intuit, L Brands, Peloton Interactive, Salesforce.com and Wells Fargo.
Times are changing on Wall Street. The COVID-19 pandemic and the havoc it’s wreaking have induced levels of return dispersion unlike anything witnessed since the Great Depression, but this isn’t necessarily a bad thing for investors. Up until recently, the de…
Times are changing on Wall Street. The COVID-19 pandemic and the havoc it’s wreaking have induced levels of return dispersion unlike anything witnessed since the Great Depression, but this isn’t necessarily a bad thing for investors. Up until recently, the decade had seen low return dispersion, or the variation among stocks’ returns was relatively limited. Given the narrower range of returns, it became more challenging to zero in on the names escaping the attention of other stock pickers. As a result, there was a surge in index-tracking passive funds, and several active managers found it difficult to deliver wins. Enter COVID-19-related economic uncertainty. Not only have global markets been rattled, but corporate profits have also been pushed lower. In addition, valuations have been propelled in every possible direction. This in turn has caused stock returns to diverge the most since the recession in 2007-2009, notes Goldman Sachs strategist Ryan Hammond. Hammond argues that return dispersion comes down to two factors, stock correlations and market volatility, with it at the highest levels when correlations fall and volatility is heightened. While volatility was primarily to blame, the Goldman Sachs strategist points out that lower correlations usually come hand in hand with declining volatility, and thus, he expects the dispersion to persist. This presents investors with an exciting opportunity to scope out the names poised to outperform, especially in the midst of earnings season. Bearing this in mind, we used TipRanks’ database to evaluate the long-term growth prospects of three stocks in Goldman Sachs’ coverage universe. According to the platform, substantial gains could be in store for each ticker. We’re talking about over 30% here. Let’s jump right in. Alector Inc. (ALEC) The first of Goldman Sachs’ picks is Alector, a biotech name that uses the power of the immune system to strengthen pipeline innovation, de-risk clinical programs and advance therapies to treat neurodegenerative and rare, orphan neurological diseases. Even though 2020 has already seen shares climb 40% higher, the firm believes there’s plenty of fuel left in the tank. Writing for Goldman Sachs, four-star analyst Graig Suvannavejh calls the company a “leader in the rapidly emerging I-N space.” To back up this claim, he points to ALEC’s significant focus on therapies that target neurodegeneration (NDG), a space with a very high unmet medical need. This area includes diseases like Alzheimer’s disease (AD), Parkinson’s disease, ALS as well as others. Additionally, the fact that its targets are genetically defined could boost overall probabilities of success (POS) and its diverse portfolio of earlier-stage assets gives it more pipeline optionality. When it comes to the AD opportunity specifically, Suvannavejh likes what he’s seeing. “We favor ALEC for its prospects for Phase 2-ready AL002 and AL003, antibodies directed against TREM2 and CD33/SIGLEC 3, respectively, for AD, which are partnered with AbbVie, and, given the extreme unmet medical need in AD, we model $7.5 billion and $5.9 billion, respectively in risk-unadjusted peak year sales,” he commented. That being said, for 2020, Suvannavejh argues that ALEC’s growth story will be centered around AL001, its sorting receptor that regulates levels of progranulin (PGRN) in plasma and the brain, in frontotemporal dementia (FTD), with a pivotal trial slated for this calendar year. He noted, “With that in mind, and incremental AL001 data updates expected this year, we see opportunities for positive share inflection from current levels...we see another meaningful ($1.8 billion peak unadjusted sales) and near-term (2024 estimated U.S. launch) revenue opportunity for ALEC, given the potential for ALEC to enter the market ahead of its competitors in the FTD space...” Based on all of the above, Suvannavejh joined the bulls. In addition to initiating his coverage with a Buy rating, he put a $32 price target on the stock. This implies shares could surge 32% in the next twelve months. (To watch Suvannavejh’s track record, click here) What does the rest of the Street have to say? It turns out that other analysts are on the same page. With 100% Street support, or 6 Buy ratings to be exact, the message is clear: ALEC is a Strong Buy. Not to mention the $36.20 average price target puts the upside potential at 50%. (See Alector stock analysis on TipRanks)Adverum Biotechnologies (ADVM) Another biotech company, Adverum is focused on developing ADVM-022, its novel anti-VEGF gene therapy candidate for chronic, degenerative eye diseases. Shares are up 41% in the last month, but there’s still room for ADVM to grow, according to Goldman Sachs. Graig Suvannavejh, who also covers ALEC, argues that ADVM-022 could be “transformative” based on the current nature of the anti-VEGF space. Expounding on this, he stated, “While the anti-VEGF market is large and well-established (c.$11.5 billion in 2019 global sales for current branded products), current treatment with anti-VEGF is sharply limited by the high frequency of direct injections into the eye. This results in lack of compliance, especially given an older patient population, which limits effective treatment.” Looking at ADVM-022, it could be the ideal treatment for retinal disease thanks to the AAV.7m8 vector, which was designed via directed evolution for high infectivity and preferential transduction of retinal cells. “As a result (and in contrast to a chief competitor), ADVM-022 can be delivered via IVT injection, thereby in our view, facilitating the potential of a seamless transition into the current treatment paradigm. Moreover, ADVM-022’s transgene has shown proven real-world efficacy, which serves, in our view, to partially de-risk its still early-stage clinical development,” Suvannavejh said. Even with the currently approved branded therapies, Eylea and Lucentis, set to lose exclusivity in the coming years, Suvannavejh believes the market will most likely put a price premium on differentiated therapies, which bodes well for ADVM. Additionally, while ADVM-022 isn’t expected to launch commercially until 2027, the analyst’s risk-adjusted revenue estimates exceed the consensus by 2033. The candidate could also potentially be evaluated for use in other indications. This seals the deal for Suvannavejh. To kick off his coverage, he assigned a Buy rating and $17 price target. Should this target be met, a twelve-month gain of 42% could be in the cards. ADVM has also received support from other Wall Street analysts. 5 Buys and 1 Hold were issued in the last three months, making the consensus rating a Strong Buy. At $17, the average price target matches Suvannavejh’s. (See Adverum stock analysis on TipRanks)Sogou Inc. (SOGO) Moving into a different industry entirely, we come across Chinese search engine Sogou. It’s no secret that the company has underperformed as of late, but Goldman Sachs thinks the tide could be turning. Ahead of its Q1 earnings release on May 4, four-star analyst Piyush Mubayi acknowledges that SOGO has had a rough going recently. He predicts that search-related revenues will dip 4%/3% year-over-year in Q1/Q2, compared to the 19%/11% year-over-year Q1/Q2 declines at Baidu Core Search. It should also be noted that the analyst cut the 12-month forward target multiple of SOGO’s core business from 9x to 8x, compared to 10x at Baidu, to account for the slower revenue growth outlook. Even though Mubayi believes the tech company will continue to face macro headwinds in the near-term as well as fierce competition in the online advertising industry in the long-term, there are still reasons to be optimistic. “The relatively more resilient growth outlook in the near term is primarily due to 1) smaller search revenue scale (at ~1/9 of that at Baidu in 2019) and 2) lower exposure to healthcare vertical,” Mubayi explained. Adding to the good news, SOGO has remained stable in the mobile query space. According to CTR, looking at mobile queries in December 2019, the company controlled 18.3% of the market in China, down only slightly from 18.5% market share in December 2018. As a result, Mubayi expects that the second largest search player in China will be able to maintain its control of the market. When it comes to advertising, Mubayi commented, “While we remain cautious on the overall advertising industry into 2020E and the increasing competition in ad budget allocation to search in the long term, we think the risk reward at current stock price is to the upside.” All of this prompted Mubayi to upgrade the rating from a Neutral to a Buy. Given the $4.50 price target, shares could rise 33% in the coming twelve months. (To watch Mubayi’s track record, click here) Judging by the overall consensus breakdown, it has been relatively quiet with respect to other analyst activity. Only one other review has been published recently, with the analyst giving the stock a Hold recommendation. Based on 1 Buy and 1 Hold, SOGO earns a Moderate Buy consensus rating. In addition, shares could surge 32% thanks to the $4.45 average price target. (See Sogou price targets and analyst ratings on TipRanks)
Adverum Biotechnologies, Inc. (ADVM), a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases, today announced that the first patient was dosed in Cohort 4 of the ongoing OPTIC Phase 1 clinical trial for ADVM-022 for the treatment of wet age-related macular degeneration (AMD). Patients in Cohort 4 (n=9) are receiving a single intravitreal injection of gene therapy candidate ADVM-022 at a dose of 6 x 10 ^11 vg/eye (same as Cohort 1) and are receiving steroid eye drop prophylaxis for six weeks (same as Cohort 3).
Does Adverum Biotechnologies (ADVM) have what it takes to be a top stock pick for momentum investors? Let's find out.
-- Company to host conference call and webcast with key opinion leaders onMonday, May 4, 2020 at 2:15 pm PT -- REDWOOD CITY, Calif., April 27, 2020 -- Adverum Biotechnologies,.
Is (ADVM) Outperforming Other Medical Stocks This Year?