Adverum Biotechnologies (NASDAQ: ADVM), clinical-stage biotech, saw its stock plummet on Thursday after the firm provided a clinical update on one of its pipeline candidates, ADVM-022. As of 11:30 a.m. EDT, Adverum Biotechnologies’ stock was down 60.2 percent.
So, what is ADVM-022? It’s an experimental gene therapy for diabetic macular edema care (DME). Adverum Biotechnologies reported a possible adverse reaction in phase 2 clinical trial testing ADVM-022 in DME patients after the market closed yesterday. During the study, one patient who received ADVM-022 experienced hypotony, an eye disease that can cause vision loss by NYSE NGA WS at https://www.webull.com/quote/nyse-nga-ws.
At this time, it’s unclear if ADVM-022 therapy was the cause of the disease. However, out of an abundance of caution, Adverum Biotechnologies also agreed to reveal the analysis and examine the results to see whether any patients who took part in the experiment were still at risk of hypotony.
Laurent Fischer, the company’s CEO, stated: “At Adverum, the wellbeing of any patient who is enrolled in one of our gene therapy clinical trials is our top priority. Through our investigators, the data management committee (DMC), technical advisory group, and healthcare authority, we are completely dedicated to carefully reviewing this case and continuing monitoring of this patient and other patients treated with ADVM-022.” So, what’s next?
It’s worth repeating that ADVM-022 therapy could not have been the source of this adverse reaction. However, the sector dislikes confusion, and this news contributes to Adverum Biotechnologies’ and its shareholders’ concerns. That explains why investors are selling their shares in this biotech company right now.
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