HC Wainwright Initiates Coverage on Adverum Biotechnologies (NASDAQ:ADVM)

Analysts at HC Wainwright initiated coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research note issued on Tuesday, MarketBeat reports. The firm set a “buy” rating and a $30.00 price target on the biotechnology company’s stock. HC Wainwright’s price target indicates a potential upside of 206.44% from the company’s previous close.

Several other analysts have also issued reports on ADVM. StockNews.com raised 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 issued a $4.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th. Finally, Mizuho reduced 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. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.00.

Adverum Biotechnologies Stock Performance

Shares of ADVM stock opened at $9.79 on Tuesday. The firm has a market cap of $203.14 million, a price-to-earnings ratio of -0.84 and a beta of 0.84. Adverum Biotechnologies has a 52 week low of $7.21 and a 52 week high of $29.70. The firm’s 50-day simple moving average is $14.78 and its two-hundred day simple moving average is $12.05.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Monday, March 18th. The biotechnology company reported ($2.30) EPS for the quarter, topping the consensus estimate of ($2.80) by $0.50. Analysts forecast that Adverum Biotechnologies will post -5.18 earnings per share for the current year.

Insider Activity at Adverum Biotechnologies

In related news, Director James Paul Scopa purchased 10,000 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The shares were purchased at an average price of $13.50 per share, with a total value of $135,000.00. Following the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at $135,000. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of institutional investors have recently made changes to their positions in the stock. Citigroup Inc. bought a new position in shares of Adverum Biotechnologies during the 3rd quarter valued at $715,000. Newtyn Management LLC grew its holdings in shares of Adverum Biotechnologies by 2.5% during 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. BML Capital Management LLC grew its holdings in shares of Adverum Biotechnologies by 16.3% during the 4th quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock valued at $3,428,000 after purchasing an additional 639,252 shares during the last quarter. Monaco Asset Management SAM grew its holdings in shares of Adverum Biotechnologies by 33.8% during the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after purchasing an additional 20,000 shares during the last quarter. Finally, Apexium Financial LP bought a new position in shares of Adverum Biotechnologies during the 4th quarter valued at $45,000. 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.