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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has been given an average recommendation of “Moderate Buy” by the six research firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $27.83.

Several research firms recently issued reports on ADVM. StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Wednesday, December 11th. HC Wainwright reissued a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Finally, Royal Bank of Canada reduced their price target 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.

Institutional Trading of Adverum Biotechnologies

Several hedge funds have recently bought and sold shares of ADVM. Assenagon Asset Management S.A. increased its stake in shares of Adverum Biotechnologies by 72.3% in the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock valued at $4,239,000 after purchasing an additional 259,191 shares during the period. Bank of New York Mellon Corp bought a new stake in Adverum Biotechnologies during the 2nd quarter valued at $443,000. Rhumbline Advisers boosted its position in Adverum Biotechnologies by 10,419.1% during the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after acquiring an additional 30,528 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Adverum Biotechnologies by 741.8% in the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after purchasing an additional 196,884 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after purchasing an additional 3,169 shares during the period. 48.17% of the stock is currently owned by institutional investors.

Adverum Biotechnologies Trading Down 6.1 %

ADVM opened at $5.37 on Wednesday. The company has a fifty day simple moving average of $7.11 and a 200 day simple moving average of $7.20. The firm has a market cap of $111.70 million, a price-to-earnings ratio of -0.90 and a beta of 0.91. Adverum Biotechnologies has a twelve month low of $5.36 and a twelve month high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The firm had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.50 million. On average, analysts forecast that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

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.