Adverum Biotechnologies (NASDAQ:ADVM)‘s stock had its “neutral” rating reissued by equities research analysts at Cantor Fitzgerald in a report issued on Tuesday, The Fly reports. They presently have a $8.00 price objective on the biotechnology company’s stock, up from their previous price objective of $3.00. Cantor Fitzgerald’s price objective indicates a potential upside of 32.67% from the company’s previous close.
A number of other equities analysts also recently commented on ADVM. BidaskClub downgraded shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a report on Tuesday, June 18th. Raymond James initiated coverage on shares of Adverum Biotechnologies in a research report on Thursday, June 13th. They set a “market perform” rating for the company. Cowen reiterated a “buy” rating on shares of Adverum Biotechnologies in a research report on Tuesday, July 9th. ValuEngine cut shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Chardan Capital dropped their target price on shares of Adverum Biotechnologies from $10.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $10.40.
Shares of NASDAQ:ADVM traded down $0.15 during midday trading on Tuesday, reaching $6.03. 29,605 shares of the company’s stock were exchanged, compared to its average volume of 3,049,321. The company’s 50 day simple moving average is $10.81 and its two-hundred day simple moving average is $9.29. The firm has a market capitalization of $400.29 million, a PE ratio of -5.12 and a beta of 2.49. Adverum Biotechnologies has a 12 month low of $2.62 and a 12 month high of $16.38. The company has a debt-to-equity ratio of 0.12, a quick ratio of 17.79 and a current ratio of 17.79.
Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.08. Adverum Biotechnologies had a negative net margin of 4,505.40% and a negative return on equity of 31.21%. On average, research analysts anticipate that Adverum Biotechnologies will post -1.03 earnings per share for the current year.
Several institutional investors have recently made changes to their positions in the stock. Orbimed Advisors LLC increased its position in shares of Adverum Biotechnologies by 57.7% during the 2nd quarter. Orbimed Advisors LLC now owns 1,960,200 shares of the biotechnology company’s stock worth $23,307,000 after purchasing an additional 717,000 shares in the last quarter. Primecap Management Co. CA increased its position in shares of Adverum Biotechnologies by 2.9% during the 2nd quarter. Primecap Management Co. CA now owns 1,082,000 shares of the biotechnology company’s stock worth $12,865,000 after purchasing an additional 30,000 shares in the last quarter. UBS Group AG increased its position in shares of Adverum Biotechnologies by 52.1% during the 2nd quarter. UBS Group AG now owns 3,138,539 shares of the biotechnology company’s stock worth $37,317,000 after purchasing an additional 1,074,535 shares in the last quarter. Nuveen Asset Management LLC acquired a new stake in shares of Adverum Biotechnologies during the 2nd quarter worth about $2,559,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in shares of Adverum Biotechnologies during the 2nd quarter worth about $6,635,000. Institutional investors and hedge funds own 71.78% of the company’s stock.
About Adverum Biotechnologies
Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.
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