Adverum Biotechnologies (NASDAQ:ADVM) Coverage Initiated by Analysts at HC Wainwright

HC Wainwright initiated coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research note published on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $30.00 price objective on the biotechnology company’s stock.

A number of other research analysts have also recently commented on the company. StockNews.com upgraded Adverum Biotechnologies from a sell rating to a hold rating in a research note on Friday, March 22nd. Mizuho dropped their target price on Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating on the stock in a research report on Monday. Finally, Chardan Capital reaffirmed a buy rating and set a $4.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $29.00.

Adverum Biotechnologies Stock Up 2.0 %

ADVM opened at $9.72 on Tuesday. Adverum Biotechnologies has a 52 week low of $7.21 and a 52 week high of $29.70. The firm has a market cap of $201.69 million, a P/E ratio of -0.84 and a beta of 0.84. The business’s fifty day simple moving average is $14.98 and its 200 day simple moving average is $12.07.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, March 18th. The biotechnology company reported ($2.30) EPS for the quarter, topping the consensus estimate of ($2.80) by $0.50. As a group, equities analysts expect that Adverum Biotechnologies will post -5.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director James Paul Scopa acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were bought at an average price of $13.50 per share, with a total value of $135,000.00. Following the purchase, the director now owns 10,000 shares of the company’s stock, valued at $135,000. The purchase 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

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADVM. Citigroup Inc. purchased a new position in shares of Adverum Biotechnologies during the third quarter valued at $715,000. Newtyn Management LLC raised its position in shares of Adverum Biotechnologies by 2.5% in the third 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 period. Twin Focus Capital Partners LLC acquired a new stake in shares of Adverum Biotechnologies in the fourth quarter worth $75,000. AIGH Capital Management LLC lifted its stake in shares of Adverum Biotechnologies by 139.6% in the fourth quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after buying an additional 1,848,834 shares during the last quarter. Finally, Worth Venture Partners LLC grew its position in shares of Adverum Biotechnologies by 136.5% in the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $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.