EFTA00848766.pdf

From: Boris Nikolic To: Jeffrey Epstein <jeevacation(ggmail.com> Subject: FW: AAVL Date: Fri, 14 Aug 2015 15:01:38 +0000 Attachments: disclaim.txt Inline-Images: image001.gif I did not sell a share yet. Will keep and seat on it. The price per share is less what they have on a bank Sent from my Windows Phone Fro Sent. 1.111P m To: Boris Nikolic Subject: AAVL Hi Boris, AAVL is trading pre-market at 12.05x12.15 on —100k volume. Analysts price targets were generally halved (see BBG grab below) on news that management won't move forward with phase 2b trails for AVA101. Very disappointing to hear they're heading back to the drawing board. BBG Article below as well. EFTA00848766 Source: Bloomberg Avalanche Bio Drops 14%; Analysts Halve PTs on Wet AMD Update 2015-08-14 12:37:45.493 GMT By Cristin Flanagan (Bloomberg) -- Avalanche Biotech drops 14% in pre-mkt trading after announcing post-mkt yday plans to scrap a planned Phase 2b trial and instead initiate added preclinical studies to investigate optimal dose, delivery of AVA-101 and AVA-201 in wet age-related macular degeneration (wet AMD). * "Investors need a clear path forward" before getting back in AAVL, Cowen analyst Phil Nadeau writes in note; sees upside for shrs if AAVL gene therapies progress * PT cut to $25 vs $55, remains outperform * "AVA-101 back to drawing board," next key catalyst may be decision on therapy in 1H after preclinical studies completed, Jefferies analyst Biren Amin writes; may also deprioritize its experimenta color blindness programs * PT to $20 vs $51, remains buy * AAVL 3 buys, 2 holds, 1 sell; avg PT $19.70: Bloomberg data For Related News and Information: To contact the reporter on this story: EFTA00848767 Cristin Flanagan in New York at +1-212-617-8919 or cflanagan1@bloomberg.net To contact the editors responsible for this story: Arie Shapira at +1-212-617-1488 or ashapira3Pbloomberg.net Cristin Flanagan EFTA00848768