Adverum Biotechnologies (NASDAQ:ADVM) Receives “Buy” Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research report report published on Tuesday morning,Benzinga reports. HC Wainwright currently has a $30.00 target price on the biotechnology company’s stock.

Other equities analysts have also recently issued reports about the company. StockNews.com cut Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Royal Bank of Canada cut their target price on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th. Finally, Truist Financial reduced their price target on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $27.83.

Adverum Biotechnologies Stock Down 8.8 %

Shares of ADVM opened at $6.25 on Tuesday. The stock has a market capitalization of $130 million, a P/E ratio of -1.04 and a beta of 1.02. Adverum Biotechnologies has a twelve month low of $6.14 and a twelve month high of $29.70. The firm has a fifty day simple moving average of $7.48 and a two-hundred day simple moving average of $7.56.

Adverum Biotechnologies (NASDAQ:ADVM) last posted 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 firm had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million. Sell-side analysts expect that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. BNP Paribas Financial Markets increased its stake in shares of Adverum Biotechnologies by 177.0% during the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 2,649 shares in the last quarter. Captrust Financial Advisors purchased a new stake in shares of Adverum Biotechnologies in the 3rd quarter worth approximately $71,000. SG Americas Securities LLC bought a new position in Adverum Biotechnologies during the 3rd quarter valued at approximately $74,000. MetLife Investment Management LLC raised its stake in Adverum Biotechnologies by 129.1% during the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after buying an additional 7,089 shares during the last quarter. Finally, Zacks Investment Management bought a new stake in Adverum Biotechnologies in the third quarter worth $89,000. 48.17% of the stock is owned by hedge funds and other institutional investors.

About Adverum Biotechnologies

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.