Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Given Average Rating of “Buy” by Analysts

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has been assigned a consensus rating of “Buy” from the four ratings firms that are currently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a buy rating. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $29.00.

ADVM has been the topic of a number of recent analyst reports. Mizuho lowered their price target on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Friday, May 10th. StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Monday, May 27th. Truist Financial reiterated a “buy” rating and issued a $60.00 price objective on shares of Adverum Biotechnologies in a research report on Wednesday, May 15th. Finally, Chardan Capital reiterated a “buy” rating and issued a $4.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th.

Adverum Biotechnologies Stock Down 10.0 %

NASDAQ:ADVM opened at $6.59 on Wednesday. Adverum Biotechnologies has a fifty-two week low of $6.59 and a fifty-two week high of $29.70. The stock has a market cap of $136.81 million, a PE ratio of -0.65 and a beta of 1.14. The firm’s fifty day simple moving average is $9.09 and its 200-day simple moving average is $11.89.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($1.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.28) by ($0.22). Equities analysts anticipate that Adverum Biotechnologies will post -5.42 earnings per share for the current year.

Institutional Investors Weigh In On Adverum Biotechnologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Apexium Financial LP purchased a new stake in shares of Adverum Biotechnologies in the 4th quarter worth about $45,000. Monaco Asset Management SAM lifted its holdings in Adverum Biotechnologies by 33.8% in the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after purchasing an additional 20,000 shares in the last quarter. Twin Focus Capital Partners LLC purchased a new position in Adverum Biotechnologies in the 4th quarter valued at about $75,000. Picton Mahoney Asset Management purchased a new position in Adverum Biotechnologies in the 1st quarter valued at about $1,755,000. Finally, Assenagon Asset Management S.A. purchased a new position in Adverum Biotechnologies in the 1st quarter valued at about $5,072,000. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

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.