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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has received a consensus rating of “Buy” from the four brokerages that are currently covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a buy recommendation. The average 1-year target price among brokers that have issued a report on the stock in the last year is $29.00.

Several analysts have issued reports on ADVM shares. Mizuho decreased their price objective on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, April 29th. StockNews.com cut Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Wednesday. Chardan Capital reiterated a “buy” rating and issued a $4.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, March 19th. Finally, HC Wainwright assumed coverage on Adverum Biotechnologies in a research report on Tuesday, April 30th. They set a “buy” rating and a $30.00 target price for the company.

Insider Buying and Selling at Adverum Biotechnologies

In other news, Director James Paul Scopa bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The stock was bought at an average price of $13.50 per share, with a total value of $135,000.00. Following the completion of the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $135,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.30% of the stock is owned by insiders.

Institutional Trading of Adverum Biotechnologies

Large investors have recently bought and sold shares of the stock. Monaco Asset Management SAM lifted its stake in shares of Adverum Biotechnologies by 33.8% during the fourth quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after buying an additional 20,000 shares during the period. Newtyn Management LLC lifted its position in Adverum Biotechnologies by 2.5% during the 3rd quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company’s stock worth $1,538,000 after acquiring an additional 25,000 shares during the period. Apexium Financial LP purchased a new stake in Adverum Biotechnologies during the 4th quarter valued at about $45,000. Twin Focus Capital Partners LLC acquired a new position in shares of Adverum Biotechnologies in the fourth quarter valued at about $75,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Adverum Biotechnologies in the first quarter worth about $5,072,000. Hedge funds and other institutional investors own 48.17% of the company’s stock.

Adverum Biotechnologies Stock Up 4.3 %

Shares of ADVM opened at $10.43 on Tuesday. The business has a fifty day moving average of $14.37 and a 200 day moving average of $12.07. The company has a market cap of $216.42 million, a PE ratio of -0.90 and a beta of 0.89. Adverum Biotechnologies has a 52-week low of $7.40 and a 52-week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share for the quarter, beating the consensus estimate of ($2.80) by $0.50. As a group, research analysts anticipate that Adverum Biotechnologies will post -5.18 earnings per share for the current fiscal 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.