Adverum Biotechnologies (NASDAQ:ADVM) Given Buy Rating at Truist Financial

Adverum Biotechnologies (NASDAQ:ADVM)‘s stock had its “buy” rating reissued by equities research analysts at Truist Financial in a research note issued on Tuesday, Benzinga reports. They presently have a $6.00 price target on the biotechnology company’s stock. Truist Financial’s price objective would suggest a potential upside of 232.41% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Chardan Capital raised shares of Adverum Biotechnologies from a “neutral” rating to a “buy” rating and raised their target price for the stock from $2.00 to $4.00 in a report on Friday, August 11th. StockNews.com initiated coverage on Adverum Biotechnologies in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $3.75.

Adverum Biotechnologies Stock Performance

NASDAQ:ADVM traded up $0.01 during mid-day trading on Tuesday, hitting $1.81. 32,563 shares of the stock were exchanged, compared to its average volume of 435,362. The firm’s 50-day simple moving average is $1.83 and its 200 day simple moving average is $1.25. Adverum Biotechnologies has a fifty-two week low of $0.53 and a fifty-two week high of $2.34. The stock has a market capitalization of $182.29 million, a price-to-earnings ratio of -1.37 and a beta of 0.82.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Thursday, August 10th. The biotechnology company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.01. On average, analysts predict that Adverum Biotechnologies will post -1.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Adverum Biotechnologies

Several hedge funds and other institutional investors have recently made changes to their positions in ADVM. Invesco Ltd. boosted its position in shares of Adverum Biotechnologies by 996.9% during the 1st quarter. Invesco Ltd. now owns 286,314 shares of the biotechnology company’s stock worth $375,000 after acquiring an additional 260,211 shares in the last quarter. Mirabella Financial Services LLP acquired a new stake in shares of Adverum Biotechnologies in the 1st quarter valued at $32,000. BNP Paribas Arbitrage SA increased its stake in shares of Adverum Biotechnologies by 426.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 40,967 shares of the biotechnology company’s stock valued at $49,000 after purchasing an additional 33,190 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Adverum Biotechnologies by 175.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,093,041 shares of the biotechnology company’s stock worth $1,312,000 after buying an additional 696,600 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in shares of Adverum Biotechnologies during the 2nd quarter worth $1,246,000. 70.87% of the stock is currently owned by institutional investors and hedge funds.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular and rare diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with chronic retinal, including wet age-related macular degeneration and diabetic macular edema.