Setbacks in a clinical trial can be quite damaging for biotech stocks and that is what seems to have happened with the Adverum Biotechnologies Inc (NASDAQ:ADVM) stock this morning.
Yesterday the company announced that there was a SUSAR (Suspected Unexpected Serious Adverse Reaction) of hypotony during the course of the INFINITY trial of the company’s product ADVM 022. The product in question is a form of gene therapy that is meant for treating patients suffering from diabetic macular edema.
It goes without saying that it is a setback for Adverum and this morning, the stock has tanked by as much as 52% during premarket trading. In order to ensure the safety of the patients, the company has decided to unmask the INFINITY study immediately.
This is aimed at identifying and then managing any kind of risk. Considering the losses made by the Adverum stock in premarket trading, it is likely going to be watched closely by investors through the rest of the day.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.