Adverum Biotechnologies’ (ADVM) “Buy” Rating Reaffirmed at Chardan Capital

Adverum Biotechnologies (NASDAQ:ADVM)‘s stock had its “buy” rating reissued by research analysts at Chardan Capital in a report released on Wednesday,Benzinga reports. They currently have a $33.00 target price on the biotechnology company’s stock.

A number of other equities analysts also recently commented on the stock. Royal Bank Of Canada lowered their target price on shares of Adverum Biotechnologies from $5.00 to $4.00 and set a “sector perform” rating for the company in a research note on Thursday, May 15th. Mizuho lowered their target price on shares of Adverum Biotechnologies from $16.00 to $12.00 and set an “outperform” rating for the company in a research note on Thursday, June 26th. Finally, HC Wainwright reiterated a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research note on Thursday, May 15th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $19.75.

Adverum Biotechnologies Trading Up 4.1%

Adverum Biotechnologies stock opened at $2.77 on Wednesday. Adverum Biotechnologies has a twelve month low of $1.78 and a twelve month high of $8.56. The stock’s fifty day simple moving average is $2.51 and its 200-day simple moving average is $3.27. The firm has a market capitalization of $57.87 million, a P/E ratio of -0.35 and a beta of 0.77.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Tuesday, August 12th. The biotechnology company reported ($2.34) EPS for the quarter, missing analysts’ consensus estimates of ($2.24) by ($0.10). Sell-side analysts predict that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Hedge Funds Weigh In On Adverum Biotechnologies

Several large investors have recently bought and sold shares of the stock. Wells Fargo & Company MN boosted its stake in Adverum Biotechnologies by 27.8% in the fourth quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock valued at $57,000 after acquiring an additional 2,659 shares in the last quarter. Geode Capital Management LLC boosted its stake in Adverum Biotechnologies by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock valued at $2,067,000 after acquiring an additional 3,434 shares in the last quarter. Barclays PLC boosted its stake in Adverum Biotechnologies by 11.3% in the fourth quarter. Barclays PLC now owns 39,887 shares of the biotechnology company’s stock valued at $186,000 after acquiring an additional 4,055 shares in the last quarter. Bank of America Corp DE boosted its stake in Adverum Biotechnologies by 16.3% in the fourth quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company’s stock valued at $204,000 after acquiring an additional 6,094 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in Adverum Biotechnologies by 46.5% in the fourth quarter. Millennium Management LLC now owns 42,847 shares of the biotechnology company’s stock valued at $200,000 after acquiring an additional 13,608 shares in the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

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.