Analysts Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Target Price at $28.17

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have been given an average recommendation of “Moderate Buy” by the six brokerages that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $28.17.

A number of equities analysts recently issued reports on ADVM shares. Chardan Capital increased their price target on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Truist Financial lowered their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 15th. Oppenheimer assumed coverage on Adverum Biotechnologies in a report on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, August 13th.

Insider Buying and Selling at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard purchased 85,800 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The shares were bought at an average price of $7.15 per share, for a total transaction of $613,470.00. Following the purchase, the insider now directly owns 2,268,064 shares in the company, valued at approximately $16,216,657.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors and hedge funds have recently made changes to their positions in ADVM. AIGH Capital Management LLC increased its holdings in 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 worth $2,388,000 after buying an additional 1,848,834 shares in the last quarter. Worth Venture Partners LLC grew its stake in shares of Adverum Biotechnologies by 136.5% in the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after acquiring an additional 452,678 shares during the period. Avoro Capital Advisors LLC purchased a new position in shares of Adverum Biotechnologies during the first quarter valued at approximately $5,892,000. Assenagon Asset Management S.A. bought a new position in Adverum Biotechnologies during the first quarter valued at approximately $5,072,000. Finally, Dimensional Fund Advisors LP boosted its holdings in Adverum Biotechnologies by 741.8% in the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after purchasing an additional 196,884 shares during the last quarter. Institutional investors own 48.17% of the company’s stock.

Adverum Biotechnologies Stock Performance

NASDAQ ADVM opened at $6.77 on Monday. The stock has a market cap of $140.52 million, a P/E ratio of -0.66 and a beta of 1.07. Adverum Biotechnologies has a fifty-two week low of $6.38 and a fifty-two week high of $29.70. The stock has a 50 day simple moving average of $7.33 and a two-hundred day simple moving average of $10.42.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share for the quarter, beating the consensus estimate of ($1.47) by $0.58. Sell-side analysts predict that Adverum Biotechnologies will post -4.64 earnings per share for the current year.

Adverum Biotechnologies Company Profile

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.