Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Given Average Recommendation of “Moderate Buy” by Brokerages

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has earned an average recommendation of “Moderate Buy” from the six ratings firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $27.83.

Several research analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. StockNews.com downgraded shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Royal Bank of Canada lowered their target price on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 5th. Finally, Truist Financial cut their price target on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th.

Adverum Biotechnologies Stock Performance

ADVM stock opened at $6.86 on Friday. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70. The firm has a market cap of $142.69 million, a price-to-earnings ratio of -1.15 and a beta of 1.02. The firm has a 50-day simple moving average of $7.48 and a two-hundred day simple moving average of $7.63.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The business had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million. As a group, equities analysts predict that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adverum Biotechnologies

Several hedge funds have recently added to or reduced their stakes in ADVM. BML Capital Management LLC raised its stake in shares of Adverum Biotechnologies by 15.4% during the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after buying an additional 302,064 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Adverum Biotechnologies by 72.3% during the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock valued at $4,239,000 after acquiring an additional 259,191 shares in the last quarter. Avoro Capital Advisors LLC acquired a new position in Adverum Biotechnologies in the first quarter valued at approximately $5,892,000. State Street Corp boosted its position in Adverum Biotechnologies by 32.7% in the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock worth $2,595,000 after purchasing an additional 91,112 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Adverum Biotechnologies by 741.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after purchasing an additional 196,884 shares during the period. 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.