- Adverum Biotechnologies Inc (NASDAQ:ADVM) announced a restructuring plan, including reductions in headcount and expenses, to prioritize its clinical development of ADVM-022, a single intravitreal injection for wet age-related macular degeneration (AMD).
- Adverum intends these restructuring measures to fully support its ADVM-022 development plan, providing it with additional resources beyond one-year topline results from its Phase 2 LUNA trial.
- The company is reducing its workforce by 78 (approximately 38%).
- Adverum expects the workforce reduction to decrease its annual operating costs by approximately $15.3 million in direct labor costs.
- The company estimates to incur restructuring charges of approximately $4.2 million, to be recorded primarily in Q3 2022.
- The company is preparing to initiate the Phase 2 LUNA trial of ADVM-022.
- The LUNA trial will evaluate two doses in 72 patients with wet AMD.
- Truist Securities upgrades Adverum to Buy, with a price target raised to $4.
- Price Action: ADVM shares are up 4.70% at $1.28 during the premarket session on the last check Thursday.
Acuity Brands Q4 EPS $3.95 Beats $3.58 Estimate, Sales $1.11B Beat $1.08B Estimate
Acuity Brands (NYSE:AYI) reported quarterly earnings of $3.95 per share which beat the analyst consensus estimate of $3.58 by 10.34 percent. This is a 20.8 percent increase over earnings of $3.27 per share from the same
