Brokerages Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Target Price at $27.83

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has been assigned an average recommendation of “Moderate Buy” from the six ratings firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $27.83.

ADVM has been the topic of a number of research reports. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday. Royal Bank of Canada cut their price target on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 5th. StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Truist Financial cut their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ ADVM opened at $6.17 on Friday. Adverum Biotechnologies has a fifty-two week low of $6.00 and a fifty-two week high of $29.70. The company has a market cap of $128.34 million, a PE ratio of -1.03 and a beta of 1.02. The business has a 50-day simple moving average of $7.46 and a two-hundred day simple moving average of $7.53.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data 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 analysts’ expectations of $0.50 million. On average, sell-side analysts predict that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ADVM. BML Capital Management LLC boosted its position in Adverum Biotechnologies by 15.4% during the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock worth $15,922,000 after acquiring an additional 302,064 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings 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 purchasing an additional 259,191 shares during the last quarter. Marshall Wace LLP grew its position in shares of Adverum Biotechnologies by 52.9% in the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after purchasing an additional 70,768 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Adverum Biotechnologies by 741.8% in the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after purchasing an additional 196,884 shares during the last quarter. Finally, Squarepoint Ops LLC increased its holdings in shares of Adverum Biotechnologies by 301.1% in the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock valued at $748,000 after purchasing an additional 81,808 shares during the last quarter. 48.17% of the stock is owned by hedge funds and other institutional investors.

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.