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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has received an average rating of “Moderate Buy” from the five brokerages that are presently covering the stock, MarketBeat.com 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 price target among brokers that have issued ratings on the stock in the last year is $26.40.

ADVM has been the topic of a number of research reports. Royal Bank of Canada cut their target price on shares of 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. HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Thursday, May 15th. Finally, Chardan Capital reiterated a “buy” rating and issued a $33.00 target price on shares of Adverum Biotechnologies in a research note on Thursday, May 15th.

Adverum Biotechnologies Trading Up 4.9%

Shares of ADVM opened at $2.97 on Thursday. Adverum Biotechnologies has a twelve month low of $1.78 and a twelve month high of $10.14. The company has a market cap of $62.05 million, a P/E ratio of -0.50 and a beta of 0.71. The company’s fifty day simple moving average is $2.87 and its 200-day simple moving average is $4.12.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) EPS for the quarter, missing the consensus estimate of ($1.34) by ($0.62). Analysts predict that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard bought 15,209 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The stock was purchased at an average cost of $4.04 per share, with a total value of $61,444.36. Following the acquisition, the insider now directly owns 2,757,526 shares in the company, valued at $11,140,405.04. This trade represents a 0.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders acquired 198,123 shares of company stock worth $863,040 and sold 13,010 shares worth $26,020. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Adverum Biotechnologies

Institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN increased its holdings in Adverum Biotechnologies by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock worth $57,000 after acquiring an additional 2,659 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Adverum Biotechnologies by 36.6% in the fourth quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock valued at $76,000 after purchasing an additional 4,362 shares during the period. Nuveen LLC purchased a new position in Adverum Biotechnologies during the first quarter worth about $139,000. JPMorgan Chase & Co. boosted its stake in shares of Adverum Biotechnologies by 226.6% in the fourth quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company’s stock valued at $143,000 after purchasing an additional 21,274 shares during the period. Finally, AQR Capital Management LLC purchased a new position in shares of Adverum Biotechnologies in the first quarter valued at approximately $148,000. 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.