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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has been given an average rating of “Moderate Buy” by the six brokerages that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $28.17.

Several analysts have recently weighed in on ADVM shares. Oppenheimer started coverage on shares of Adverum Biotechnologies in a report on Tuesday, June 25th. They set an “outperform” rating and a $25.00 price objective for the company. StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 15th. HC Wainwright restated a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. Royal Bank of Canada reduced their price target on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 13th. Finally, Truist Financial lowered their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th.

Insiders Place Their Bets

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard bought 85,800 shares of Adverum Biotechnologies stock in a transaction dated Tuesday, July 30th. The shares were bought at an average price of $7.15 per share, with a total value of $613,470.00. Following the purchase, the insider now owns 2,268,064 shares of the company’s stock, valued at $16,216,657.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ADVM. Picton Mahoney Asset Management bought a new stake in Adverum Biotechnologies in the first quarter valued at about $1,755,000. Assenagon Asset Management S.A. grew its position in shares of Adverum Biotechnologies by 72.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after buying an additional 259,191 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Adverum Biotechnologies during the 2nd quarter worth about $443,000. Dimensional Fund Advisors LP raised its position in shares of Adverum Biotechnologies by 741.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after acquiring an additional 196,884 shares during the period. Finally, Renaissance Technologies LLC raised its position in shares of Adverum Biotechnologies by 2.4% in the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after acquiring an additional 3,169 shares during the period. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Price Performance

Shares of NASDAQ:ADVM opened at $6.61 on Friday. The business’s fifty day moving average price is $7.18 and its two-hundred day moving average price is $9.08. Adverum Biotechnologies has a fifty-two week low of $6.38 and a fifty-two week high of $29.70. The stock has a market capitalization of $137.20 million, a price-to-earnings ratio of -0.65 and a beta of 1.03.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share for the quarter, topping the consensus estimate of ($1.47) by $0.58. Research analysts expect that Adverum Biotechnologies will post -4.64 EPS for the current fiscal 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.