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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has been assigned an average rating of “Hold” from the six research firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $10.50.

A number of analysts have commented on ADVM shares. Truist Financial set a $5.00 target price on shares of Adverum Biotechnologies in a report on Friday, October 24th. Wall Street Zen downgraded shares of Adverum Biotechnologies to a “strong sell” rating in a research report on Saturday. HC Wainwright reaffirmed a “neutral” rating and issued a $5.00 target price (down from $30.00) on shares of Adverum Biotechnologies in a report on Monday, November 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adverum Biotechnologies in a research report on Wednesday, October 8th. Finally, Chardan Capital lowered Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th.

Insider Activity at Adverum Biotechnologies

In other news, CEO Laurent Fischer purchased 117,614 shares of the company’s stock in a transaction on Monday, December 8th. The stock was acquired at an average cost of $4.31 per share, for a total transaction of $506,916.34. Following the completion of the transaction, the chief executive officer directly owned 201,513 shares in the company, valued at $868,521.03. This trade represents a 140.19% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Peter Soparkar acquired 50,000 shares of Adverum Biotechnologies stock in a transaction dated Friday, December 5th. The stock was purchased at an average cost of $4.22 per share, with a total value of $211,000.00. Following the completion of the purchase, the chief operating officer owned 80,189 shares of the company’s stock, valued at approximately $338,397.58. This represents a 165.62% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders purchased 178,699 shares of company stock worth $764,917 and sold 1,099,446 shares worth $4,605,740. 6.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Adverum Biotechnologies

Hedge funds have recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd bought a new stake in Adverum Biotechnologies in the second quarter worth $45,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of Adverum Biotechnologies in the 3rd quarter valued at about $58,000. XTX Topco Ltd purchased a new stake in Adverum Biotechnologies during the second quarter valued at approximately $64,000. Qube Research & Technologies Ltd bought a new stake in shares of Adverum Biotechnologies in the 2nd quarter valued at approximately $66,000. Finally, Marshall Wace LLP purchased a new position in shares of Adverum Biotechnologies in the 2nd quarter worth approximately $107,000. Hedge funds and other institutional investors own 48.17% of the company’s stock.

Adverum Biotechnologies Trading Up 2.3%

Shares of ADVM opened at $4.36 on Wednesday. The company has a market cap of $96.26 million, a price-to-earnings ratio of -0.51 and a beta of 0.87. Adverum Biotechnologies has a 12 month low of $1.78 and a 12 month high of $6.12. The business’s fifty day simple moving average is $4.32 and its two-hundred day simple moving average is $3.44.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Wednesday, November 12th. The biotechnology company reported ($2.03) earnings per share for the quarter, missing the consensus estimate of ($1.80) by ($0.23). As a group, research analysts forecast that Adverum Biotechnologies will post -4.92 EPS for the current year.

About Adverum Biotechnologies

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.