Mizuho Trims Adverum Biotechnologies (NASDAQ:ADVM) Target Price to $22.00

Adverum Biotechnologies (NASDAQ:ADVM) had its target price trimmed by Mizuho from $40.00 to $22.00 in a research note published on Monday, Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Several other equities analysts have also commented on the company. Chardan Capital reaffirmed a buy rating and set a $4.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, March 19th. StockNews.com raised Adverum Biotechnologies from a sell rating to a hold rating in a report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Adverum Biotechnologies has a consensus rating of Moderate Buy and a consensus price target of $29.00.

Adverum Biotechnologies Stock Up 0.7 %

Shares of NASDAQ ADVM opened at $9.79 on Monday. The stock’s 50 day moving average price is $14.78 and its two-hundred day moving average price is $12.05. Adverum Biotechnologies has a 52-week low of $7.21 and a 52-week high of $29.70. The stock has a market capitalization of $203.14 million, a P/E ratio of -0.84 and a beta of 0.84.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.80) by $0.50. On average, analysts anticipate that Adverum Biotechnologies will post -5.18 EPS for the current year.

Insiders Place Their Bets

In other news, Director James Paul Scopa bought 10,000 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was purchased at an average cost of $13.50 per share, for a total transaction of $135,000.00. Following the completion of the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $135,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of institutional investors and hedge funds have recently modified their holdings of ADVM. Apexium Financial LP acquired a new stake in shares of Adverum Biotechnologies during the 4th quarter valued at $45,000. Monaco Asset Management SAM lifted its position in shares of Adverum Biotechnologies by 33.8% during the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after acquiring an additional 20,000 shares during the last quarter. Twin Focus Capital Partners LLC acquired a new stake in shares of Adverum Biotechnologies during the 4th quarter valued at $75,000. Worth Venture Partners LLC lifted its holdings in shares of Adverum Biotechnologies by 136.5% in the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after purchasing an additional 452,678 shares in the last quarter. Finally, Citigroup Inc. purchased a new stake in shares of Adverum Biotechnologies in the third quarter valued at $715,000. 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.