Adverum Biotechnologies (NASDAQ:ADVM) Price Target Raised to

Adverum Biotechnologies (NASDAQ:ADVM) had its target price boosted by Piper Sandler from to in a report released on Monday morning, The Fly reports. Piper Sandler currently has an overweight rating on the biotechnology company’s stock. Piper Sandler also issued estimates for Adverum Biotechnologies’ FY2024 earnings at ($1.45) EPS.

A number of other brokerages have also recently commented on ADVM. Zacks Investment Research cut Adverum Biotechnologies from a hold rating to a sell rating in a research report on Friday, January 3rd. ValuEngine upgraded Adverum Biotechnologies from a sell rating to a hold rating in a research report on Friday, November 1st. Cantor Fitzgerald restated a neutral rating and issued a $8.00 price target (up previously from $3.00) on shares of Adverum Biotechnologies in a research report on Tuesday, September 17th. BidaskClub upgraded Adverum Biotechnologies from a buy rating to a strong-buy rating in a research report on Wednesday, November 27th. Finally, Piper Jaffray Companies raised their price target on Adverum Biotechnologies from $14.00 to $20.00 and gave the stock an overweight rating in a research report on Monday. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $12.33.

ADVM stock opened at $11.33 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 9.44 and a quick ratio of 9.44. The stock has a market capitalization of $736.95 million, a price-to-earnings ratio of -9.60 and a beta of 2.76. The business’s fifty day moving average price is $11.13 and its two-hundred day moving average price is $10.17. Adverum Biotechnologies has a fifty-two week low of $2.90 and a fifty-two week high of $16.38.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.25) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.02. The company had revenue of $0.25 million during the quarter, compared to the consensus estimate of $0.48 million. Research analysts expect that Adverum Biotechnologies will post -1.01 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Montreal Can bought a new position in shares of Adverum Biotechnologies in the second quarter worth $54,000. BB&T Securities LLC acquired a new stake in Adverum Biotechnologies in the third quarter valued at about $85,000. Tower Research Capital LLC TRC acquired a new stake in Adverum Biotechnologies in the third quarter valued at about $90,000. Virtu Financial LLC acquired a new stake in Adverum Biotechnologies in the third quarter valued at about $98,000. Finally, Metropolitan Life Insurance Co NY acquired a new stake in Adverum Biotechnologies in the first quarter valued at about $108,000. Institutional investors own 75.52% of the company’s stock.

Adverum Biotechnologies Company Profile

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.

Recommended Story: What are the benefits of a balanced fund?

The Fly

Analyst Recommendations for Adverum Biotechnologies (NASDAQ:ADVM)

Receive News & Ratings for Adverum Biotechnologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adverum Biotechnologies and related companies with MarketBeat.com's FREE daily email newsletter.