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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has received an average recommendation of “Moderate Buy” from the six analysts that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $27.83.

Several analysts have recently weighed in on ADVM shares. Royal Bank of Canada reduced their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a report on Tuesday, November 5th. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Finally, StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th.

Adverum Biotechnologies Stock Up 4.4 %

Shares of ADVM opened at $5.01 on Friday. The company has a market capitalization of $104.22 million, a price-to-earnings ratio of -0.84 and a beta of 0.96. Adverum Biotechnologies has a 52-week low of $4.42 and a 52-week high of $29.70. The stock has a 50 day moving average price of $6.20 and a 200 day moving average price of $6.92.

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 company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.50 million. On average, equities analysts anticipate that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Institutional Trading of Adverum Biotechnologies

Several hedge funds have recently made changes to their positions in ADVM. BML Capital Management LLC raised its holdings in Adverum Biotechnologies by 15.4% during the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock worth $15,922,000 after purchasing an additional 302,064 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Adverum Biotechnologies by 52.9% during the 2nd quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock worth $1,404,000 after buying an additional 70,768 shares in the last quarter. State Street Corp lifted its holdings in shares of Adverum Biotechnologies by 32.7% in the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after buying an additional 91,112 shares during the period. Dimensional Fund Advisors LP boosted 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 valued at $1,533,000 after buying an additional 196,884 shares in the last quarter. Finally, Squarepoint Ops LLC grew its holdings in Adverum Biotechnologies by 301.1% during the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock worth $748,000 after acquiring an additional 81,808 shares during the period. Institutional investors and hedge funds 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.