Core Viewpoint - Adverum Biotechnologies (ADVM) has been upgraded to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Outlook - The Zacks rating upgrade reflects a positive earnings outlook for Adverum Biotechnologies, which is expected to positively impact its stock price [2]. - For the fiscal year ending December 2024, Adverum is projected to earn -$4.64 per share, representing a 60% change from the previous year's reported number [5]. Earnings Estimate Revisions - Analysts have increased their earnings estimates for Adverum Biotechnologies, with the Zacks Consensus Estimate rising by 8.4% over the past three months [5]. - The correlation between earnings estimate revisions and near-term stock movements is strong, indicating that tracking these revisions can be beneficial for investment decisions [4]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [4]. - Adverum's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [7].

Company Overview - Adverum Biotechnologies, Inc. is a clinical-stage company focused on gene therapy for prevalent ocular diseases aiming to establish a new standard of care [2] - The company is developing a one-time, intravitreal injection therapy, ixoberogene soroparvovec (Ixo-vec), for patients with neovascular or wet age-related macular degeneration [2] - Adverum's goal is to create durable therapies that eliminate the need for frequent ocular injections, thereby transforming the treatment landscape for debilitating ocular diseases [2] Upcoming Events - Adverum will present at the H.C. Wainwright 26th Annual Global Investment Conference on September 10th at 3:30 p.m. ET [1] - The company will also participate in Chardan's 8th Annual Genetic Medicines Conference on October 1st at 8:00 a.m. ET [1] - Additionally, Adverum will be featured in the UBS Virtual Ophthalmology Day on October 2nd at 10:30 a.m. ET [1] Access to Information - On-demand webcasts of the presentations will be available under the Events and Presentations section on Adverum's website [1] - Each webcast will be accessible for at least 30 days following the events [1]

Core Viewpoint - Adverum Biotechnologies (ADVM) shows potential for significant upside based on Wall Street analysts' short-term price targets, with a mean estimate of $30 indicating a potential increase of 332.3% from the current price of $6.94 [1] Price Targets and Analyst Consensus - The mean estimate consists of seven short-term price targets with a standard deviation of $11.02, indicating variability among analysts [1] - The lowest price target of $12 suggests a 72.9% increase, while the highest target of $40 implies a surge of 476.4% [1] - A low standard deviation indicates a high degree of agreement among analysts regarding the stock's price movement direction [4] Earnings Estimates and Market Sentiment - Analysts have shown increasing optimism about ADVM's earnings prospects, with a 15.6% increase in the Zacks Consensus Estimate for the current year, supported by six upward revisions and no negative revisions [5] - ADVM holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, suggesting strong potential for near-term upside [5] Caution on Price Targets - While consensus price targets can provide insights, they should not be the sole basis for investment decisions due to historical inaccuracies in predicting actual stock price movements [3][4] - Analysts may set overly optimistic price targets influenced by business relationships, which can lead to inflated expectations [3]

Financial Position - As of June 30, 2024, the company had an accumulated deficit of $963.0 million and expects to incur substantial expenses and continuing losses in the foreseeable future [71]. - The accumulated deficit as of June 30, 2024, was $963.0 million, with cash, cash equivalents, and short-term investments totaling $173.8 million [99]. - The company has not generated positive cash flow or net income from operations since inception and may need substantial additional funding in the future [74]. - The company expects existing cash and cash equivalents to fund operations into late 2025, but may need to raise additional funds sooner due to various risks [99]. Revenue Generation - The company has not generated any revenue from product sales to date, relying instead on research, collaboration, and license arrangements with strategic partners [77]. - License revenue for the six months ended June 30, 2023, was $3.6 million, primarily from a milestone payment, while no license revenue was recorded for the same period in 2024 [89]. Clinical Trials and Development - The LUNA Phase 2 trial of Ixo-vec was fully enrolled with 60 subjects, and interim analysis indicated maintenance of visual and anatomic outcomes [68]. - Ixo-vec has received multiple regulatory designations, including Fast Track designation from the FDA and Priority Medicines designation from the EMA [69]. - The company plans to initiate a Phase 3 clinical trial of Ixo-vec in wet AMD in the first half of 2025 [68]. - Ixo-vec is designed to provide long-term durable therapeutic levels of aflibercept with a single in-office injection, targeting wet AMD [63]. - The company anticipates needing to raise substantial additional capital for the development and commercialization of product candidates, influenced by various factors including clinical trial outcomes and regulatory approvals [101]. - The company may delay or terminate development programs if unable to raise additional funds when needed [101]. Financial Performance - The net loss for the three months ended June 30, 2024, was $18.5 million, a decrease of $13.0 million compared to a net loss of $31.5 million for the same period in 2023 [88]. - The net loss for the six months ended June 30, 2024, was $43.3 million, compared to a net loss of $60.6 million for the same period in 2023 [103][104]. - Research and development expenses decreased by $3.5 million to $17.1 million for the three months ended June 30, 2024, from $20.6 million for the same period in 2023, primarily due to a reduction in facilities expenses [90]. - Research and development expenses for the six months ended June 30, 2024, decreased by $9.2 million to $32.5 million from $41.7 million for the same period in 2023, due to various cost reductions [91]. - General and administrative expenses decreased by $8.7 million to $3.8 million for the three months ended June 30, 2024, from $12.5 million for the same period in 2023, largely driven by a cumulative catch-up adjustment of sublease income [93]. - Other income, net increased by $0.8 million to $2.4 million for the three months ended June 30, 2024, from $1.6 million for the same period in 2023, primarily due to higher average invested balances [95]. Cash Flow and Financing - Net cash used in operating activities for the six months ended June 30, 2024, was $43.1 million, a decrease from $45.7 million in the same period of 2023 [102][103][104]. - Net cash provided by financing activities for the six months ended June 30, 2024, was $119.8 million, significantly higher than $0.2 million in the same period of 2023 [102][106][107]. - The company reported a net cash increase of $52.3 million for the six months ended June 30, 2024, compared to an increase of $42.9 million in the same period of 2023 [102]. - Net cash used in investing activities for the six months ended June 30, 2024, was $24.4 million, a decrease from $88.6 million provided in the same period of 2023 [102][105]. Operational Aspects - The company currently has no operational clinical or commercial manufacturing facilities and relies on third-party vendors for manufacturing [73]. - The company has a significant focus on research and development, with expenses primarily related to personnel, consulting, and clinical study materials [78]. Risk Factors - The company faces risks related to the emergence of competing technologies and adverse market developments [101]. Internal Controls - The evaluation of disclosure controls and procedures concluded that they were effective as of June 30, 2024 [110][111]. - There were no changes in internal control over financial reporting that materially affected the company during the most recent fiscal quarter [113].

Exhibit 99.1 Adverum Biotechnologies Reports Second Quarter 2024 Financial Results and Provides Program and Corporate Highlights - 6E10 dose of Ixo-vec selected for Phase 3 pivotal trials - LUNA 26-week interim analysis presented at ASRS 2024 demonstrating a potential best-in-class product profile of Ixo-vec, with similar efficacy and a favorable safety profile compared to OPTIC - LUNA 9-month landmark analysis and pivotal trial design update anticipated in 4Q 2024 - $173.8 million in cash, cash equivalents ...

REDWOOD CITY, Calif., Aug. 02, 2024 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage company pioneering the use of gene therapy as a new standard of care for highly prevalent ocular diseases, today announced that Laurent Fischer, M.D., president and chief executive officer of Adverum Biotechnologies, will participate in a fireside chat at the H.C. Wainwright 4th Annual Ophthalmology Virtual Conference on August 15, 2024 at 2:00 p.m. ET.   The webcast of the fireside chat ma ...

REDWOOD CITY, Calif., Aug. 02, 2024 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage company pioneering the use of gene therapy as a new standard of care for highly prevalent ocular diseases, today announced that Laurent Fischer, M.D., president and chief executive officer of Adverum Biotechnologies, will participate in a fireside chat at the H.C. Wainwright 4th Annual Ophthalmology Virtual Conference on August 15, 2024 at 2:00 p.m. ET. The webcast of the fireside chat may ...

REDWOOD CITY, Calif., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (NASDAQ:ADVM), a clinical-stage company pioneering the use of gene therapy as a new standard of care for highly prevalent ocular diseases, today announced that the U.S. Food and Drug Administration (FDA) has granted Regenerative Medicine Advanced Therapy (RMAT) designation for Ixo-vec, its clinical-stage gene therapy product candidate, for the treatment of wet AMD. "The RMAT designation is based on the clinical data from I ...

Ixoberogene Soroparvovec (Ixo-vec) IVT Gene Therapy for Neovascular AMD: First Time 26-Week Interim Analysis Results from the Phase 2 LUNA Study Charles C. Wykoff, MD, PhD Director of Research, Retina Consultants of Texas Professor of Clinical Ophthalmology, Blanton Eye Institute, Houston Methodist Hospital Paul Hahn, MD, PhD, Eduardo Uchiyama, MD, Sean D. Adrean, MD, Mark R. Barakat, MD, Cameron Javid, MD, Dante J. Pieramici, MD, Bill Tan, PharmD, Adam Turpcu, PhD, Kalliopi Stasi, MD, PhD, Star Seyedkazemi ...

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) 26-Week Interim Analysis of the LUNA Phase 2 Trial Update Call July 17, 2024 8:00 AM ET Company Participants Mike Zanoni - Head of IR Laurent Fischer - President & CEO Charles Wykoff - Director of Research, Retina Consultants of Texas Conference Call Participants Joon Lee - Truist Securities Joseph Thome - TD Cowen Francois Brisebois - Oppenheimer Graig Suvannavejh - Mizuho Securities Luca Issi - RBC Capital Daniil Gataulin - Chardan Operator Hello, ladies and gen ...