Adverum Biotechnologies (NASDAQ:ADVM) Given Buy Rating at HC Wainwright

Adverum Biotechnologies (NASDAQ:ADVM)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $30.00 price target on the biotechnology company’s stock.

ADVM has been the topic of a number of other reports. Chardan Capital decreased their price objective on shares of Adverum Biotechnologies from $40.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Royal Bank of Canada decreased their price target on shares of Adverum Biotechnologies from $10.00 to $5.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Adverum Biotechnologies has a consensus rating of “Moderate Buy” and a consensus target price of $26.60.

Adverum Biotechnologies Stock Down 6.8%

Shares of ADVM stock opened at $2.06 on Thursday. Adverum Biotechnologies has a 12-month low of $2.05 and a 12-month high of $10.14. The firm has a market capitalization of $43.04 million, a price-to-earnings ratio of -0.34 and a beta of 1.03. The firm has a fifty day moving average of $3.74 and a 200-day moving average of $4.78.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.34) by ($0.62). Research analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Insider Buying and Selling at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard bought 62,341 shares of the business’s stock in a transaction on Tuesday, March 18th. The stock was acquired at an average price of $4.69 per share, with a total value of $292,379.29. Following the completion of the purchase, the insider now directly owns 2,667,161 shares in the company, valued at $12,508,985.09. This represents a 2.39% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have acquired 198,123 shares of company stock valued at $863,040 in the last 90 days. 4.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN boosted its position in Adverum Biotechnologies by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock valued at $57,000 after acquiring an additional 2,659 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Adverum Biotechnologies by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock worth $2,067,000 after purchasing an additional 3,434 shares in the last quarter. Barclays PLC lifted its stake in Adverum Biotechnologies by 11.3% during the 4th quarter. Barclays PLC now owns 39,887 shares of the biotechnology company’s stock valued at $186,000 after acquiring an additional 4,055 shares during the period. American Century Companies Inc. boosted its holdings in Adverum Biotechnologies by 36.6% in the fourth quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 4,362 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Adverum Biotechnologies by 16.3% in the fourth quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company’s stock valued at $204,000 after acquiring an additional 6,094 shares during the period. Hedge funds and other institutional investors own 48.17% of the company’s stock.

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.