Adverum Biotechnologies (NASDAQ:ADVM) PT Lowered to $22.00 at Mizuho

Adverum Biotechnologies (NASDAQ:ADVM) had its price target cut by Mizuho from $40.00 to $22.00 in a research note published on Monday, Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

Several other equities research analysts also recently issued reports on ADVM. Chardan Capital reiterated a buy rating and issued a $4.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, March 19th. StockNews.com upgraded Adverum Biotechnologies from a sell rating to a hold rating in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $29.00.

Adverum Biotechnologies Stock Up 0.7 %

NASDAQ:ADVM opened at $9.79 on Monday. Adverum Biotechnologies has a 52 week low of $7.21 and a 52 week high of $29.70. The company has a market capitalization of $203.14 million, a P/E ratio of -0.84 and a beta of 0.84. The stock’s fifty day moving average is $14.78 and its two-hundred day moving average is $12.05.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results on Monday, March 18th. The biotechnology company reported ($2.30) EPS for the quarter, beating analysts’ consensus estimates of ($2.80) by $0.50. Sell-side analysts anticipate that Adverum Biotechnologies will post -5.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director James Paul Scopa purchased 10,000 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were bought at an average price of $13.50 per share, for a total transaction of $135,000.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at $135,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. BML Capital Management LLC boosted its position in shares of Adverum Biotechnologies by 16.3% during the 4th quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock worth $3,428,000 after acquiring an additional 639,252 shares in the last quarter. AIGH Capital Management LLC boosted its position in shares of Adverum Biotechnologies by 139.6% in the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock valued at $2,388,000 after purchasing an additional 1,848,834 shares during the period. Vivo Capital LLC acquired a new stake in shares of Adverum Biotechnologies in the 1st quarter valued at about $21,210,000. Newtyn Management LLC boosted its position in shares of Adverum Biotechnologies by 2.5% in the 3rd quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company’s stock valued at $1,538,000 after purchasing an additional 25,000 shares during the period. Finally, Worth Venture Partners LLC boosted its position in shares of Adverum Biotechnologies by 136.5% in the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after purchasing an additional 452,678 shares during the period. 48.17% of the stock is 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 diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with wet age-related macular degeneration and diabetic macular edema which is in phase 2 clinical trials.