Royal Bank of Canada Cuts Adverum Biotechnologies (NASDAQ:ADVM) Price Target to $10.00

Adverum Biotechnologies (NASDAQ:ADVM) had its target price reduced by Royal Bank of Canada from $12.00 to $10.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a sector perform rating on the biotechnology company’s stock.

ADVM has been the subject of several other research reports. Chardan Capital raised their price objective on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Truist Financial dropped their price target on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. Finally, StockNews.com upgraded Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Price Performance

NASDAQ:ADVM opened at $7.90 on Tuesday. Adverum Biotechnologies has a 12-month low of $6.38 and a 12-month high of $29.70. The firm has a 50-day moving average price of $7.40 and a 200 day moving average price of $7.72.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) EPS for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The firm had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million. As a group, equities analysts anticipate that Adverum Biotechnologies will post -4.64 EPS for the current year.

Institutional Trading of Adverum Biotechnologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADVM. SG Americas Securities LLC bought a new position in Adverum Biotechnologies in the third quarter valued at approximately $74,000. Rhumbline Advisers boosted its position in shares of Adverum Biotechnologies by 10,419.1% in the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after purchasing an additional 30,528 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Adverum Biotechnologies during the second quarter worth $443,000. Squarepoint Ops LLC increased its holdings in Adverum Biotechnologies by 301.1% in the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock valued at $748,000 after purchasing an additional 81,808 shares during the last quarter. Finally, Picton Mahoney Asset Management bought a new stake in Adverum Biotechnologies in the first quarter valued at about $1,755,000. 48.17% of the stock is owned by institutional investors.

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.