Analysts Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Target Price at $26.40

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have been given a consensus recommendation of “Moderate Buy” by the five brokerages that are covering the company, Marketbeat reports. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $26.40.

ADVM has been the topic of several analyst reports. Royal Bank of Canada dropped their target price on Adverum Biotechnologies from $5.00 to $4.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 15th. Chardan Capital reaffirmed a “buy” rating and issued a $33.00 target price on shares of Adverum Biotechnologies in a research report on Thursday, May 15th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research report on Thursday, May 15th.

Insider Activity at Adverum Biotechnologies

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard acquired 50,000 shares of the firm’s stock in a transaction on Wednesday, April 23rd. The stock was purchased at an average cost of $2.98 per share, for a total transaction of $149,000.00. Following the transaction, the insider now owns 191,800 shares of the company’s stock, valued at $571,564. The trade was a 35.26% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders purchased 198,123 shares of company stock worth $863,040 and sold 13,010 shares worth $26,020. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC acquired a new stake in Adverum Biotechnologies during the 1st quarter worth about $148,000. Pale Fire Capital SE boosted its position in Adverum Biotechnologies by 16.9% during the 1st quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company’s stock worth $1,609,000 after acquiring an additional 53,113 shares during the period. Nuveen LLC acquired a new stake in Adverum Biotechnologies during the 1st quarter worth about $139,000. Invesco Ltd. acquired a new stake in Adverum Biotechnologies during the 1st quarter worth about $218,000. Finally, BML Capital Management LLC boosted its position in Adverum Biotechnologies by 20.9% during the 1st quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company’s stock worth $11,984,000 after acquiring an additional 474,253 shares during the period. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Adverum Biotechnologies Price Performance

Shares of ADVM opened at $2.59 on Thursday. The business’s fifty day moving average price is $2.82 and its 200 day moving average price is $4.10. Adverum Biotechnologies has a 12-month low of $1.78 and a 12-month high of $10.14. The stock has a market capitalization of $54.11 million, a PE ratio of -0.43 and a beta of 0.71.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.34) by ($0.62). As a group, research analysts anticipate that Adverum Biotechnologies will post -4.92 earnings per share 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.