Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives Average Rating of “Buy” from Brokerages

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have been assigned an average rating of “Buy” from the four brokerages that are covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a buy rating. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $29.00.

A number of research analysts have recently commented on ADVM shares. HC Wainwright initiated coverage on shares of Adverum Biotechnologies in a research report on Tuesday, April 30th. They set a “buy” rating and a $30.00 price target for the company. StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Wednesday. Chardan Capital reaffirmed a “buy” rating and issued a $4.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, March 19th. Finally, Mizuho dropped their target price on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 29th.

Adverum Biotechnologies Stock Up 4.3 %

ADVM opened at $10.43 on Tuesday. The company has a market capitalization of $216.42 million, a price-to-earnings ratio of -0.90 and a beta of 0.89. The firm has a 50-day moving average price of $14.37 and a 200-day moving average price of $12.07. Adverum Biotechnologies has a twelve month low of $7.40 and a twelve month high of $29.70.

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

Insider Activity at Adverum Biotechnologies

In related news, Director James Paul Scopa acquired 10,000 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were purchased at an average price of $13.50 per share, for a total transaction of $135,000.00. Following the completion of the acquisition, the director now owns 10,000 shares in the company, valued at $135,000. The purchase was disclosed in a filing with the SEC, which is available at this link. 5.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Citigroup Inc. bought a new stake in Adverum Biotechnologies during the 3rd quarter valued at $715,000. Newtyn Management LLC raised its stake in shares of Adverum Biotechnologies by 2.5% during the third quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company’s stock valued at $1,538,000 after acquiring an additional 25,000 shares during the last quarter. Twin Focus Capital Partners LLC purchased a new stake in shares of Adverum Biotechnologies during the fourth quarter worth about $75,000. AIGH Capital Management LLC grew its stake in shares of Adverum Biotechnologies by 139.6% in the fourth quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after purchasing an additional 1,848,834 shares during the last quarter. Finally, Worth Venture Partners LLC increased its holdings in Adverum Biotechnologies by 136.5% during 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. Institutional investors own 48.17% of the company’s stock.

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.