Avalanche Biotechnologies Inc (NASDAQ:AAVL), a biopharmaceutical company committed to improving or preserving the sight of people suffering from blinding eye diseases with an unmet medical need, announced today that it has been selected as a Technology Pioneer by the World Economic Forum in recognition of its outstanding achievements in adeno-associated virus (AAV)-based gene therapy technology.
Avalanche was chosen by a professional jury among hundreds of candidates as one of the 49 selected companies. Thanks to its selection, it will have access to the most influential and sought-after business and political network in the world, and be invited to the World Economic Forum’s”Summer Davos” in Dalian, China, this September, or the Annual Meeting in Davos in January.
“We’re glad to see Avalanche Biotechnologies make it to the selection,” says Fulvia Montresor, Head of Technology Pioneers at the World Economic Forum. “Avalanche is part of a group of entrepreneurs who are more aware of the crucial challenges of the world around them, and who are determined to do their part to solve those challenges with their company.”
“Innovative technology and pioneering research is at the core of our work to develop AAV-based gene therapy treatments for a range of eye diseases, including wet age-related macular degeneration and color blindness,” said Hans P. Hull, J.D., interim Chief Executive Officer and President, at Avalanche. “We’re incredibly honored to be recognized by the World Economic Forum as a Technology Pioneer among other forward-thinking and transformative organizations. We look forward to the potential impact our innovative technology may have on patients with sight-threatening eye diseases as we continue to advance our pipeline of gene therapies.”
As in previous years, American-based entrepreneurs continue to dominate the list of technology pioneers: they account for more than two-thirds of the recipients, followed by the United Kingdom (4), Israel and the Netherlands (2), and individual recipients of Canada, Germany,Ireland, Italy, Sweden and Taiwan, China. France and Spain were among the countries not counting a recipient.
The Technology Pioneers were selected from among hundreds of applicants by a selection committee of 68 academics, entrepreneurs, venture capitalists and corporate executives. Notable members of the committee include Arianna Huffington (founder, Huffington Post) and Henry Blodget (editor-in-chief, Business Insider). The committee based its decisions on criteria including innovation, potential impact, working prototype, viability and leadership. (Original Source)
Shares of Avalanche Biotechnologies closed yesterday at $15.13. AAVL has a 1-year high of $62.48 and a 1-year low of $14.01. The stock’s 50-day moving average is $15.90 and its 200-day moving average is $32.54.
On the ratings front, Avalanche Biotechnologies has been the subject of a number of recent research reports. In a report issued on July 27, Chardan analyst Gbola Amusa MD CFA maintained a Hold rating on AAVL, with a price target of $17.50, which represents a potential upside of 15.7% from where the stock is currently trading. Separately, on June 16, William Blair’s Tim Lugo downgraded the stock to Hold and has a price target of $24.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gbola Amusa MD CFA and Tim Lugo have a total average return of 19.9% and -0.2% respectively. CFA has a success rate of 70.2% and is ranked #279 out of 3724 analysts, while Lugo has a success rate of 47.2% and is ranked #2706.
Avalanche Biotechnologies Inc is a clinical-stage biotechnology company focused on discovering and developing novel gene therapies to transform the lives of patients with sight-threatening ophthalmic diseases.