Adverum Biotechnologies (NASDAQ:ADVM) Receives “Buy” Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a $30.00 price objective on the biotechnology company’s stock.

A number of other equities analysts have also weighed in on ADVM. StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Royal Bank of Canada lowered their price objective on shares of 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, Truist Financial dropped their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Adverum Biotechnologies presently has an average rating of “Moderate Buy” and a consensus target price of $27.83.

Adverum Biotechnologies Stock Down 8.8 %

Shares of ADVM opened at $6.25 on Tuesday. Adverum Biotechnologies has a twelve month low of $6.14 and a twelve month high of $29.70. The company has a market capitalization of $130 million, a P/E ratio of -1.04 and a beta of 1.02. The firm has a 50 day moving average of $7.48 and a 200 day moving average of $7.56.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) EPS for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The business had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.50 million. On average, sell-side analysts expect that Adverum Biotechnologies will post -4.92 EPS for the current year.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Barclays PLC boosted its stake 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 worth $252,000 after acquiring an additional 19,965 shares during the last quarter. Zacks Investment Management purchased a new position in Adverum Biotechnologies during the third quarter valued at $89,000. State Street Corp grew its holdings in Adverum Biotechnologies by 32.7% during the third 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 period. Captrust Financial Advisors purchased a new stake in Adverum Biotechnologies in the third quarter worth about $71,000. Finally, MetLife Investment Management LLC raised its stake in shares of Adverum Biotechnologies by 129.1% in the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after buying an additional 7,089 shares during the period. 48.17% of the stock is owned by hedge funds and other institutional investors.

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.