Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives $27.83 Average Target Price from Analysts

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have been assigned an average recommendation of “Moderate Buy” from the six ratings firms that are covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $25.83.

Several brokerages recently issued reports on ADVM. HC Wainwright reiterated a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Wednesday. Chardan Capital cut their price objective on shares of Adverum Biotechnologies from $40.00 to $33.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Royal Bank of Canada lowered their target price on Adverum Biotechnologies from $10.00 to $5.00 and set a “sector perform” rating for the company in a report on Wednesday.

Adverum Biotechnologies Price Performance

Adverum Biotechnologies stock opened at $2.93 on Wednesday. Adverum Biotechnologies has a fifty-two week low of $2.75 and a fifty-two week high of $11.87. The firm has a market capitalization of $60.95 million, a price-to-earnings ratio of -0.49 and a beta of 1.10. The company’s 50 day simple moving average is $4.21 and its 200 day simple moving average is $5.38.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Tuesday, April 15th. The biotechnology company reported ($1.96) EPS for the quarter, missing analysts’ consensus estimates of ($1.34) by ($0.62). As a group, analysts predict that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Insider Buying and Selling at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard acquired 15,209 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were bought at an average cost of $4.04 per share, for a total transaction of $61,444.36. Following the purchase, the insider now directly owns 2,757,526 shares of the company’s stock, valued at approximately $11,140,405.04. This trade represents a 0.55 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased a total of 148,123 shares of company stock worth $714,040 over the last ninety days. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adverum Biotechnologies

Institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets lifted its position in shares of Adverum Biotechnologies by 177.0% in the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 2,649 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Adverum Biotechnologies by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock valued at $57,000 after purchasing an additional 2,659 shares during the last quarter. Geode Capital Management LLC boosted its position in Adverum Biotechnologies by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock worth $2,067,000 after purchasing an additional 3,434 shares during the period. Barclays PLC increased its holdings in shares of Adverum Biotechnologies by 11.3% in the fourth quarter. Barclays PLC now owns 39,887 shares of the biotechnology company’s stock valued at $186,000 after purchasing an additional 4,055 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Adverum Biotechnologies by 36.6% in the fourth quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock valued at $76,000 after purchasing an additional 4,362 shares during the period. Institutional investors and hedge funds own 48.17% of the company’s stock.

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.