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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has been assigned a consensus rating of “Moderate Buy” from the six research firms that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $25.83.

A number of analysts recently issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Wednesday, April 16th. Chardan Capital decreased their price target on Adverum Biotechnologies from $40.00 to $33.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Royal Bank of Canada lowered their price target on shares of Adverum Biotechnologies from $10.00 to $5.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 16th.

Adverum Biotechnologies Price Performance

NASDAQ:ADVM opened at $2.93 on Wednesday. The company has a market cap of $60.95 million, a PE ratio of -0.49 and a beta of 1.10. The firm has a 50-day moving average of $4.21 and a 200-day moving average of $5.35. Adverum Biotechnologies has a one year low of $2.75 and a one year high of $11.87.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly 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 research analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Braden Michael Leonard purchased 30,600 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $5.61 per share, with a total value of $171,666.00. Following the purchase, the insider now directly owns 2,722,761 shares in the company, valued at approximately $15,274,689.21. This represents a 1.14 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders acquired a total of 148,123 shares of company stock worth $714,040 over the last ninety days. 4.20% of the stock is owned by corporate insiders.

Institutional Trading of Adverum Biotechnologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. 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 valued at $29,000 after acquiring an additional 2,649 shares during the last quarter. Captrust Financial Advisors bought a new position in shares of Adverum Biotechnologies during the 3rd quarter valued at about $71,000. State Street Corp increased its position in shares of Adverum Biotechnologies by 32.7% during 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 during the last quarter. Barclays PLC raised its holdings in shares of Adverum Biotechnologies by 125.8% during the 3rd quarter. Barclays PLC now owns 35,832 shares of the biotechnology company’s stock valued at $252,000 after buying an additional 19,965 shares in the last quarter. Finally, Grant GrossMendelsohn LLC lifted its position in Adverum Biotechnologies by 118.0% in the 4th quarter. Grant GrossMendelsohn LLC now owns 84,173 shares of the biotechnology company’s stock worth $393,000 after buying an additional 45,553 shares during the last quarter. 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.