Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives Average Recommendation of “Buy” from Brokerages

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has been assigned a consensus recommendation of “Buy” from the four brokerages that are currently covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a buy rating. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $29.00.

Several brokerages have recently weighed in on ADVM. HC Wainwright initiated coverage on Adverum Biotechnologies in a research report on Tuesday, April 30th. They set a “buy” rating and a $30.00 target price on the stock. 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 report on Monday, April 29th. StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Finally, 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.

Adverum Biotechnologies Stock Up 2.2 %

NASDAQ ADVM opened at $10.66 on Tuesday. Adverum Biotechnologies has a 52 week low of $7.40 and a 52 week high of $29.70. The firm has a 50 day moving average of $14.19 and a two-hundred day moving average of $12.09. The stock has a market capitalization of $221.30 million, a PE ratio of -0.92 and a beta of 0.89.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Monday, March 18th. The biotechnology company reported ($2.30) EPS for the quarter, topping analysts’ consensus estimates of ($2.80) by $0.50. On average, equities research analysts expect that Adverum Biotechnologies will post -5.18 earnings per share for the current fiscal year.

Insider Activity at Adverum Biotechnologies

In other Adverum Biotechnologies news, Director James Paul Scopa acquired 10,000 shares of the stock in a transaction on Wednesday, February 7th. The shares were bought at an average cost of $13.50 per share, with a total value of $135,000.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $135,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.20% of the stock is owned by insiders.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds have recently added to or reduced their stakes in ADVM. AIGH Capital Management LLC raised its stake in shares of Adverum Biotechnologies by 139.6% during the fourth quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after purchasing an additional 1,848,834 shares during the last quarter. Vivo Capital LLC acquired a new stake in shares of Adverum Biotechnologies in the 1st quarter worth $21,210,000. BML Capital Management LLC boosted its holdings in shares of Adverum Biotechnologies by 16.3% in the fourth quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock valued at $3,428,000 after acquiring an additional 639,252 shares in the last quarter. Citigroup Inc. acquired a new position in shares of Adverum Biotechnologies during the third quarter worth about $715,000. Finally, Worth Venture Partners LLC raised its holdings in Adverum Biotechnologies by 136.5% during the fourth 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 in 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.