In the premarket trading session, Adverum Biotechnologies Inc. (ADVM) stock plunged by -52.66% to the price of $4.81 at the time of writing. ADVM stock previously closed the session at $10.16 gaining 3.04%. The ADVM stock volume traded about 2.9 million shares. While the average trade volume for the past 3 months has been 806.18K shares. In the past year, ADVM stock plunged by -16.45%. However, in the past week, the shares rallied up by 10.20%. In the past three and six months, the ADVM stock shed-16.45% and -14.48%. Adverum Biotechnologies, Inc. is currently valued at $1.00 billion and has 97.60 million outstanding shares.
Adverum Biotechnologies, Inc.’s operational background
Adverum Biotechnologies, Inc., a clinical-stage gene therapy company that focuses on developing treatments for rare diseases. Adverum Biotechnologies, Inc. was previously known as Avalanche Biotechnologies, Inc. and changed its name to the current one in May 2016. The headquarter of the company is in Redwood City, California. The treatments are gene therapy candidates used for ocular diseases. The company’s leading product is the ADVM-022 candidate. ADVM is a single-dose injection that is intravitreal-administered. This gene therapy focuses on the treatment of chronic retinal diseases of the patients and also treats wet age-related macular degeneration as well as diabetic macular edema.
Adverum Biotechnologies has collaborated along with academic institutions like Cornell University and the University of California as well as licensing agreements with companies which include GenSight, Lexeo, and Virovek.
Announcement of SUSAR occurring in one ADVM-022 trial patient
On 28th April 2021, the clinical gene therapy company which focuses on ocular disease treatment- Adverum Biotechnologies, Inc. has announced that it has faced the occurrence of SUSAR of hypotony in one of its trials. SUSAR means a Suspected Unexpected Serious Adverse Reaction of hypotony which occurred specifically in ADVM-022 for its clinical trial INFINITY in order to treat diabetic macular edema.
The event occurred in one patient who was treated with a single intravitreal high dose of ADVM-022. This happened after a 30 weeks’ randomization and caused a hypotony development and caused loss of vision in the treated eye as well as panuveitis.
ADVM stock has decided that it is in the interest of all parties to investigate the INFINITY phase 2 study in order to examine the causes and potential risk problems that occurred in the development of ADVM-022. This will help understand why the SUSAR occurred and how to prevent this from occurring in other patients in this study, which completed the patient dosing in December last year. The investigational data gathered from the ADVM-022 program by the Adverum’s Data Monitoring Center (DMC) is then expected by the company to report in the future along with the progression of analysis.
How will the overall evaluation proceed?
This evaluation process will entail the monitoring of all the patients and the study further sites to proactively create additional recommendations about how the patients in the future should be monitored with additional managing. Furthermore, Adverum has taken the necessary step to notify the FDA and all clinical trial sites.