Adverum Biotechnologies (NASDAQ:ADVM) Price Target Lowered to $10.00 at Royal Bank of Canada

Adverum Biotechnologies (NASDAQ:ADVM) had its price objective dropped by research analysts at Royal Bank of Canada from $12.00 to $10.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 25.94% from the stock’s previous close.

ADVM has been the subject of a number of other reports. Chardan Capital raised their target price on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Truist Financial reduced their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. Finally, StockNews.com upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.83.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ:ADVM opened at $7.94 on Tuesday. The stock has a market capitalization of $165.16 million, a price-to-earnings ratio of -0.99 and a beta of 1.02. Adverum Biotechnologies has a 1-year low of $6.38 and a 1-year high of $29.70. The company has a 50 day moving average price of $7.38 and a 200 day moving average price of $7.71.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.50 million. On average, sell-side analysts expect that Adverum Biotechnologies will post -4.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC boosted its position in Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after purchasing an additional 3,169 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Adverum Biotechnologies during the 3rd quarter worth about $74,000. Rhumbline Advisers lifted its holdings in shares of Adverum Biotechnologies by 10,419.1% during the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after buying an additional 30,528 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Adverum Biotechnologies in the 2nd quarter valued at approximately $443,000. Finally, Marshall Wace LLP grew its stake in shares of Adverum Biotechnologies by 52.9% in the 2nd quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after buying an additional 70,768 shares in the last quarter. 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.