Adverum Biotechnologies (NASDAQ:ADVM) PT Lowered to $22.00

Adverum Biotechnologies (NASDAQ:ADVM) had its price objective reduced by equities researchers at Mizuho from $40.00 to $22.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Mizuho’s target price would suggest a potential upside of 126.34% from the company’s current price.

Several other research firms also recently commented on ADVM. StockNews.com upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. Chardan Capital reissued a “buy” rating and set a $4.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, March 19th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Adverum Biotechnologies has a consensus rating of “Moderate Buy” and an average price target of $29.00.

Adverum Biotechnologies Stock Performance

Shares of ADVM stock opened at $9.72 on Monday. Adverum Biotechnologies has a 1 year low of $7.21 and a 1 year high of $29.70. The firm has a market cap of $201.69 million, a price-to-earnings ratio of -0.84 and a beta of 0.84. The stock’s 50-day moving average is $14.98 and its two-hundred day moving average is $12.07.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.80) by $0.50. As a group, research analysts predict that Adverum Biotechnologies will post -5.18 EPS for the current year.

Insiders Place Their Bets

In other news, Director James Paul Scopa bought 10,000 shares of the stock in a transaction dated Wednesday, February 7th. The shares were acquired at an average price of $13.50 per share, with a total value of $135,000.00. Following the completion of the acquisition, the director now directly owns 10,000 shares in the company, valued at $135,000. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.30% of the stock is owned by insiders.

Institutional Trading of Adverum Biotechnologies

Hedge funds have recently modified their holdings of the business. Citigroup Inc. acquired a new stake in Adverum Biotechnologies in the 3rd quarter valued at about $715,000. Newtyn Management LLC raised its stake in Adverum Biotechnologies by 2.5% in the 3rd quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company’s stock valued at $1,538,000 after purchasing an additional 25,000 shares during the last quarter. Twin Focus Capital Partners LLC purchased a new position in Adverum Biotechnologies in the 4th quarter valued at about $75,000. AIGH Capital Management LLC lifted its holdings in Adverum Biotechnologies by 139.6% in the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock valued at $2,388,000 after purchasing an additional 1,848,834 shares in the last quarter. Finally, Worth Venture Partners LLC boosted its stake in shares of Adverum Biotechnologies by 136.5% during the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after purchasing an additional 452,678 shares during the last quarter. 48.17% of the stock is owned by institutional investors and hedge funds.

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.