Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives $28.17 Average Target Price from Brokerages

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has earned a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $28.17.

ADVM has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Royal Bank of Canada reduced their price target on Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 13th. Chardan Capital raised their price objective on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Truist Financial reduced their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Finally, StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th.

Adverum Biotechnologies Stock Down 1.2 %

Shares of Adverum Biotechnologies stock opened at $7.98 on Tuesday. The business has a 50 day moving average of $7.30 and a 200 day moving average of $7.96. Adverum Biotechnologies has a 52 week low of $6.38 and a 52 week high of $29.70. The company has a market cap of $165.64 million, a PE ratio of -0.78 and a beta of 1.04.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Monday, August 12th. The biotechnology company reported ($0.89) EPS for the quarter, topping the consensus estimate of ($1.47) by $0.58. On average, research analysts anticipate that Adverum Biotechnologies will post -4.64 earnings per share for the current year.

Insider Activity

In other news, major shareholder Braden Michael Leonard bought 85,800 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was acquired at an average cost of $7.15 per share, with a total value of $613,470.00. Following the completion of the acquisition, the insider now owns 2,268,064 shares of the company’s stock, valued at approximately $16,216,657.60. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Adverum Biotechnologies

Institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC bought a new position in Adverum Biotechnologies during the 3rd quarter valued at about $74,000. Squarepoint Ops LLC lifted its position in Adverum Biotechnologies by 301.1% during the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock valued at $748,000 after purchasing an additional 81,808 shares during the period. Marshall Wace LLP boosted its holdings in Adverum Biotechnologies by 52.9% in the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock worth $1,404,000 after purchasing an additional 70,768 shares during the last quarter. Renaissance Technologies LLC grew its position in Adverum Biotechnologies by 2.4% in the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock worth $935,000 after purchasing an additional 3,169 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Adverum Biotechnologies by 741.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after buying an additional 196,884 shares during the last quarter. Institutional investors own 48.17% of the company’s stock.

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.