Adverum Biotechnologies, Inc. (NASDAQ:ADVM – Get Free Report) 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.
Read Our Latest Research Report on Adverum Biotechnologies
Insiders Place Their Bets
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 – Get Free Report) 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.
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