Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have received an average rating of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $27.83.

ADVM has been the subject of several recent research reports. 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 research report on Wednesday, August 14th. StockNews.com downgraded 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 target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 5th. Finally, HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th.

Adverum Biotechnologies Price Performance

NASDAQ ADVM opened at $6.86 on Friday. Adverum Biotechnologies has a 1-year low of $6.38 and a 1-year high of $29.70. The business has a 50 day simple moving average of $7.48 and a two-hundred day simple moving average of $7.63. The stock has a market capitalization of $142.69 million, a PE ratio of -1.15 and a beta of 1.02.

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

Institutional Trading of Adverum Biotechnologies

Institutional investors and hedge funds have recently modified their holdings of the stock. BML Capital Management LLC lifted its stake in Adverum Biotechnologies by 15.4% in the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock worth $15,922,000 after acquiring an additional 302,064 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Adverum Biotechnologies by 72.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after purchasing an additional 259,191 shares during the period. Avoro Capital Advisors LLC bought a new position in shares of Adverum Biotechnologies during the first quarter valued at approximately $5,892,000. State Street Corp increased 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 buying an additional 91,112 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Adverum Biotechnologies by 741.8% during 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 during the period. Institutional investors own 48.17% of the company’s stock.

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.