Here's Why Adverum Biotechnologies Is Soaring Today
Shares of Adverum Biotechnologies (NASDAQ: ADVM) rose as much as 40% Monday morning after the company reported updated interim results from a phase 1 study evaluating ADVM-022 as a potential treatment for wet age-related macular degeneration (AMD). Wet AMD is a chronic eye disease that causes blurred vision and blind spots.
The company's gene therapy was administered as a high dose or a low dose. All six individuals who received the high dose were rescue injection-free at a median follow-up of 50 weeks. Four of the six individuals who received the low dose were rescue injection-free at a median follow up of 24 weeks. Prior to enrolling in the study, those individuals required an average of 9.3 injections per year.
As of 11:24 a.m. EST, the pharma stock had settled to a 27.2% gain.
Source Fool.com