Chardan Capital Has Lowered Expectations for Adverum Biotechnologies (NASDAQ:ADVM) Stock Price

Adverum Biotechnologies (NASDAQ:ADVM) had its price objective decreased by research analysts at Chardan Capital from $40.00 to $33.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock.

A number of other brokerages also recently weighed in on ADVM. Royal Bank of Canada dropped their target price on shares of Adverum Biotechnologies from $10.00 to $5.00 and set a “sector perform” rating for the company in a research note on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a report on Wednesday. Finally, StockNews.com cut Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Adverum Biotechnologies currently has an average rating of “Moderate Buy” and an average price target of $25.83.

Adverum Biotechnologies Price Performance

ADVM stock opened at $2.93 on Thursday. The business has a fifty day moving average price of $4.21 and a 200 day moving average price of $5.38. Adverum Biotechnologies has a fifty-two week low of $2.75 and a fifty-two week high of $11.87. The stock has a market capitalization of $60.95 million, a price-to-earnings ratio of -0.49 and a beta of 1.10.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.34) by ($0.62). On average, equities analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Braden Michael Leonard bought 15,209 shares of Adverum Biotechnologies stock in a transaction on Wednesday, April 2nd. The shares were purchased at an average price of $4.04 per share, for a total transaction of $61,444.36. Following the completion of the acquisition, the insider now owns 2,757,526 shares in the company, valued at approximately $11,140,405.04. This represents a 0.55 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders acquired 148,123 shares of company stock valued at $714,040. Company insiders own 4.20% of the company’s stock.

Institutional Trading of Adverum Biotechnologies

A number of institutional investors and hedge funds have recently modified their holdings of ADVM. BNP Paribas Financial Markets grew its holdings in Adverum Biotechnologies by 177.0% during the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 2,649 shares during the period. Wells Fargo & Company MN boosted its position in shares of Adverum Biotechnologies by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock worth $57,000 after purchasing an additional 2,659 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Adverum Biotechnologies by 36.6% during the fourth quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 4,362 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Adverum Biotechnologies by 226.6% in the 4th quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company’s stock valued at $143,000 after buying an additional 21,274 shares during the period. Finally, Corton Capital Inc. bought a new position in Adverum Biotechnologies during the fourth quarter worth about $153,000. 48.17% of the stock is owned by institutional investors.

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.