Why Adverum Biotechnologies Stock Is Plummeting Today

Adverum Biotechnologies ADVM shares are trading lower after the company announced a Suspected Unexpected Serious Adverse Reaction of hypotony in its INFINITY clinical trial evaluating ADVM-022 gene therapy for the treatment of diabetic macular edema.

"The safety of every patient who is participating in our clinical studies with our gene therapy is the utmost priority for us at Adverum," said Laurent Fischer, M.D., chief executive officer of Adverum.

Adverum Biotechnologies Inc is a US-based clinical-stage gene therapy company. It develops gene therapy product candidates intended to provide durable efficacy by inducing sustained expression of a therapeutic protein.

The stock was trading 62.3% lower at $3.83 per share at the time of writing. The stock has a 52-week high of $26.98 and a 52-week low of $3.81.