I think AAVL’s AMD program is high-risk due to the multifaceted nature of the disease, which makes gene therapy inherently difficult. Also, in a prior post, I noted REGN’s unwillingness to commit to this program in advance (despite the companies’ GT partnership in rare ophthalmic diseases).
All told, I consider AAVL to be fully valued on a risk-adjusted basis.
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”