Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives $27.83 Consensus PT from Analysts

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has received an average recommendation of “Moderate Buy” from the six ratings firms that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $27.83.

Several equities analysts have recently commented on ADVM shares. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Royal Bank of Canada dropped their price objective on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 5th. Finally, StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th.

Adverum Biotechnologies Stock Performance

Shares of Adverum Biotechnologies stock opened at $4.79 on Friday. The stock has a 50 day moving average of $6.13 and a 200 day moving average of $6.91. The firm has a market capitalization of $99.64 million, a price-to-earnings ratio of -0.80 and a beta of 0.96. Adverum Biotechnologies has a fifty-two week low of $4.42 and a fifty-two week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The company had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.50 million. Analysts forecast that Adverum Biotechnologies will post -4.92 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets increased its position in shares of Adverum Biotechnologies by 177.0% in the 3rd 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 during the last quarter. Captrust Financial Advisors acquired a new position in shares of Adverum Biotechnologies during the third quarter worth $71,000. SG Americas Securities LLC purchased a new position in Adverum Biotechnologies in the third quarter valued at $74,000. MetLife Investment Management LLC raised its stake in Adverum Biotechnologies by 129.1% in 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 in the last quarter. Finally, Zacks Investment Management purchased a new stake in Adverum Biotechnologies during the 3rd quarter worth about $89,000. 48.17% of the stock is owned by institutional investors and hedge funds.

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.