Adverum Biotechnologies Inc (ADVM)

[Jack30]

Avalanche Biotechnologies (AAVL) upgraded to Neutral at Chardan Capital Markets; tgt $20
8:57 AM ET 6/23/15


Chardan Capital Markets upgrades AAVL to Neutral from Sell and sets target price at $20 noting they feel that recent share price movements may have been overdone. Firm does not see much scope for co to trade well below recent prices ($15-$16), given: 1) the $11.50 cash per share position, 2) their belief in the importance of gene therapy, per their prior research, and 3) the likelihood that M&A interest in Avalanche could pick up given the cash position and given the interest already shown by adept bigger-cap players in the space. Although upside from here to their $20 price target would normally qualify co for a Buy rating, firm looks for further visibility and/or confirmation on AVA-101 NT catalysts that could take the stock to $20.