Adverum Biotechnologies’ (ADVM) Buy Rating Reaffirmed at HC Wainwright

Adverum Biotechnologies (NASDAQ:ADVM)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $30.00 price target on the biotechnology company’s stock.

Separately, StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.83.

Adverum Biotechnologies Trading Down 1.7 %

ADVM stock opened at $2.93 on Wednesday. Adverum Biotechnologies has a 1-year low of $2.75 and a 1-year high of $11.87. The firm has a market cap of $60.95 million, a PE ratio of -0.49 and a beta of 1.10. The business’s 50-day moving average price is $4.23 and its two-hundred day moving average price is $5.40.

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

Insider Buying and Selling

In other news, major shareholder Braden Michael Leonard purchased 30,600 shares of Adverum Biotechnologies stock in a transaction on Thursday, March 20th. The stock was purchased at an average price of $5.61 per share, with a total value of $171,666.00. Following the transaction, the insider now directly owns 2,722,761 shares in the company, valued at $15,274,689.21. The trade was a 1.14 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last three months, insiders bought 148,123 shares of company stock worth $714,040. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds and other institutional investors have recently made changes to their positions in ADVM. BNP Paribas Financial Markets boosted 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 worth $29,000 after purchasing an additional 2,649 shares during the last quarter. Wells Fargo & Company MN lifted its position in Adverum Biotechnologies by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock worth $57,000 after buying an additional 2,659 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Adverum Biotechnologies by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock worth $2,067,000 after buying an additional 3,434 shares during the last quarter. Barclays PLC grew its holdings in shares of Adverum Biotechnologies by 11.3% in the 4th 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. Finally, American Century Companies Inc. grew its holdings in shares of Adverum Biotechnologies by 36.6% in the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock valued at $76,000 after acquiring an additional 4,362 shares in the last quarter. 48.17% of the stock is currently 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.