Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have been given an average rating of “Moderate Buy” by the five analysts that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $26.40.

ADVM has been the topic of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research report on Thursday. Royal Bank of Canada cut their target price on shares of Adverum Biotechnologies from $5.00 to $4.00 and set a “sector perform” rating on the stock in a report on Thursday. Finally, Chardan Capital reiterated a “buy” rating and set a $33.00 price target on shares of Adverum Biotechnologies in a research note on Thursday.

Adverum Biotechnologies Price Performance

Shares of ADVM opened at $2.12 on Friday. Adverum Biotechnologies has a 1-year low of $1.78 and a 1-year high of $10.14. The stock has a market cap of $44.29 million, a PE ratio of -0.35 and a beta of 1.03. The firm has a fifty day moving average price of $3.64 and a 200 day moving average price of $4.68.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its 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, equities analysts expect that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Insider Activity

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard bought 62,341 shares of Adverum Biotechnologies stock in a transaction dated Tuesday, March 18th. The stock was acquired at an average cost of $4.69 per share, with a total value of $292,379.29. Following the completion of the acquisition, the insider now owns 2,667,161 shares of the company’s stock, valued at approximately $12,508,985.09. This represents a 2.39% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders acquired 198,123 shares of company stock valued at $863,040 and sold 13,010 shares valued at $26,020. Corporate insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Adverum Biotechnologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Regeneron Pharmaceuticals Inc. purchased a new position in Adverum Biotechnologies during the 4th quarter worth $845,000. Barclays PLC raised its position in Adverum Biotechnologies by 125.8% during the 3rd quarter. Barclays PLC now owns 35,832 shares of the biotechnology company’s stock worth $252,000 after buying an additional 19,965 shares during the last quarter. Marshall Wace LLP raised its position in Adverum Biotechnologies by 128.5% during the 4th quarter. Marshall Wace LLP now owns 98,027 shares of the biotechnology company’s stock worth $458,000 after buying an additional 55,130 shares during the last quarter. Renaissance Technologies LLC raised its position in Adverum Biotechnologies by 249.6% during the 4th quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company’s stock worth $605,000 after buying an additional 92,533 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Adverum Biotechnologies by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock worth $2,067,000 after buying an additional 3,434 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.