Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Given Average Recommendation of “Moderate Buy” by Analysts

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has received an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $27.83.

ADVM has been the topic of several research reports. StockNews.com downgraded Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. Royal Bank of Canada decreased their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 5th. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th.

Adverum Biotechnologies Trading Down 1.0 %

Adverum Biotechnologies stock opened at $3.94 on Monday. Adverum Biotechnologies has a 12 month low of $3.85 and a 12 month high of $22.40. The stock’s 50 day moving average is $4.51 and its 200-day moving average is $6.16. The company has a market capitalization of $81.96 million, a price-to-earnings ratio of -0.66 and a beta of 0.94.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors have recently made changes to their positions in the stock. BML Capital Management LLC boosted its stake in shares of Adverum Biotechnologies by 15.4% in the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after buying an additional 302,064 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Adverum Biotechnologies by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock valued at $2,067,000 after purchasing an additional 3,434 shares in the last quarter. State Street Corp boosted its holdings in shares of Adverum Biotechnologies by 32.7% in the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after purchasing an additional 91,112 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Adverum Biotechnologies by 50.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock valued at $1,452,000 after purchasing an additional 104,262 shares in the last quarter. Finally, Regeneron Pharmaceuticals Inc. acquired a new stake in shares of Adverum Biotechnologies in the 4th quarter valued at $845,000. 48.17% of the stock is currently owned by institutional investors.

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.