Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives $26.60 Consensus Target Price from Brokerages

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have been assigned an average recommendation of “Moderate Buy” from the five research firms that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $26.60.

A number of analysts recently commented on ADVM shares. Royal Bank of Canada reduced their price objective on Adverum Biotechnologies from $10.00 to $5.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 16th. HC Wainwright reissued a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a report on Wednesday, April 16th. Finally, Chardan Capital cut their price target on Adverum Biotechnologies from $40.00 to $33.00 and set a “buy” rating for the company in a report on Thursday, April 17th.

Adverum Biotechnologies Price Performance

ADVM stock opened at $2.21 on Friday. Adverum Biotechnologies has a 1-year low of $2.20 and a 1-year high of $10.14. The business has a fifty day moving average price of $3.79 and a 200-day moving average price of $4.80. The stock has a market capitalization of $46.17 million, a P/E ratio of -0.37 and a beta of 1.03.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Tuesday, April 15th. The biotechnology company reported ($1.96) EPS for the quarter, missing analysts’ consensus estimates of ($1.34) by ($0.62). As a group, analysts anticipate that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Insider Transactions at Adverum Biotechnologies

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard acquired 30,600 shares of the company’s stock in a transaction dated 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 completion of the purchase, the insider now directly owns 2,722,761 shares in the company, valued at approximately $15,274,689.21. The trade was a 1.14% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders acquired a total of 198,123 shares of company stock valued at $863,040 over the last 90 days. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Adverum Biotechnologies

Hedge funds have recently made changes to their positions in the business. Regeneron Pharmaceuticals Inc. bought a new position in shares of Adverum Biotechnologies in the fourth quarter worth about $845,000. Barclays PLC boosted its stake in shares of Adverum Biotechnologies by 125.8% in the third quarter. Barclays PLC now owns 35,832 shares of the biotechnology company’s stock worth $252,000 after acquiring an additional 19,965 shares during the period. Marshall Wace LLP boosted its stake in shares of Adverum Biotechnologies by 128.5% in the fourth quarter. Marshall Wace LLP now owns 98,027 shares of the biotechnology company’s stock worth $458,000 after acquiring an additional 55,130 shares during the period. Geode Capital Management LLC boosted its stake in shares of Adverum Biotechnologies by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock worth $2,067,000 after acquiring an additional 3,434 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Adverum Biotechnologies by 226.6% in the fourth quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company’s stock worth $143,000 after acquiring an additional 21,274 shares during the period. Institutional investors 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.