HC Wainwright Reiterates “Buy” Rating for Adverum Biotechnologies (NASDAQ:ADVM)

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

Other research analysts have also recently issued research reports about the company. Chardan Capital reduced their target price on Adverum Biotechnologies from $40.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Royal Bank of Canada cut their price objective on Adverum Biotechnologies from $10.00 to $5.00 and set a “sector perform” rating for the company in a report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $26.40.

Adverum Biotechnologies Trading Down 0.5%

Shares of ADVM opened at $2.05 on Thursday. Adverum Biotechnologies has a 12-month low of $1.78 and a 12-month high of $10.14. The company has a market cap of $42.83 million, a PE ratio of -0.34 and a beta of 1.03. The stock has a 50-day moving average price of $3.69 and a 200-day moving average price of $4.74.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) EPS for the quarter, missing analysts’ consensus estimates of ($1.34) by ($0.62). As a group, analysts predict that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Insider Activity at Adverum Biotechnologies

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard purchased 30,600 shares of the stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $5.61 per share, with a total value of $171,666.00. Following the completion of the purchase, the insider now directly owns 2,722,761 shares of the company’s stock, valued at approximately $15,274,689.21. This trade represents a 1.14% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders have acquired 198,123 shares of company stock valued at $863,040. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ADVM. Wells Fargo & Company MN lifted its stake in shares of Adverum Biotechnologies by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock valued at $57,000 after acquiring an additional 2,659 shares during the last quarter. American Century Companies Inc. increased its stake in Adverum Biotechnologies by 36.6% in the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 4,362 shares during the period. JPMorgan Chase & Co. lifted its position in Adverum Biotechnologies by 226.6% in the fourth quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company’s stock valued at $143,000 after purchasing an additional 21,274 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Adverum Biotechnologies during the first quarter valued at approximately $139,000. Finally, Corton Capital Inc. purchased a new stake in shares of Adverum Biotechnologies during the fourth quarter valued at approximately $153,000. 48.17% of the stock is owned by 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.