Royal Bank of Canada Cuts Adverum Biotechnologies (NASDAQ:ADVM) Price Target to $5.00

Adverum Biotechnologies (NASDAQ:ADVM) had its price target reduced by Royal Bank of Canada from $10.00 to $5.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a sector perform rating on the biotechnology company’s stock.

ADVM has been the subject of a number of other reports. HC Wainwright reissued a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Wednesday. StockNews.com downgraded shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Adverum Biotechnologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.83.

Adverum Biotechnologies Stock Down 1.7 %

Shares of ADVM opened at $2.93 on Wednesday. The business has a 50-day simple moving average of $4.21 and a two-hundred day simple moving average of $5.38. Adverum Biotechnologies has a 52 week low of $2.75 and a 52 week high of $11.87. The stock has a market cap of $60.95 million, a price-to-earnings ratio of -0.49 and a beta of 1.10.

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

Insiders Place Their Bets

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard bought 30,600 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $5.61 per share, for a total transaction of $171,666.00. Following the completion of the transaction, the insider now directly owns 2,722,761 shares of the company’s stock, valued at approximately $15,274,689.21. This represents a 1.14 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought 148,123 shares of company stock valued at $714,040 over the last three months. 4.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of large investors have recently bought and sold shares of the business. BNP Paribas Financial Markets increased its stake in Adverum Biotechnologies by 177.0% in the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 2,649 shares during the period. Wells Fargo & Company MN grew its holdings in shares of Adverum Biotechnologies by 27.8% in 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 during the last quarter. American Century Companies Inc. increased its stake in Adverum Biotechnologies by 36.6% in the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock worth $76,000 after buying an additional 4,362 shares during the period. JPMorgan Chase & Co. increased its stake in Adverum Biotechnologies by 226.6% in the 4th quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company’s stock worth $143,000 after buying an additional 21,274 shares during the period. Finally, Corton Capital Inc. bought a new stake in Adverum Biotechnologies during the 4th quarter valued at about $153,000. Hedge funds and other 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.