Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives $28.17 Average Target Price from Brokerages

Adverum Biotechnologies, Inc. (NASDAQ:ADVMGet Free Report) has been assigned a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $28.17.

A number of research firms recently commented on ADVM. Chardan Capital upped their price objective on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Truist Financial lowered their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Royal Bank of Canada cut their target price on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 13th. Oppenheimer assumed coverage on shares of Adverum Biotechnologies in a research report on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 price target on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th.

View Our Latest Research Report on Adverum Biotechnologies

Adverum Biotechnologies Stock Down 6.1 %

Shares of ADVM stock opened at $6.59 on Friday. The firm has a market capitalization of $136.79 million, a PE ratio of -0.65 and a beta of 1.03. The company has a 50 day moving average price of $7.05 and a 200-day moving average price of $8.72. Adverum Biotechnologies has a 52 week low of $6.38 and a 52 week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVMGet Free Report) last posted its earnings results on Monday, August 12th. The biotechnology company reported ($0.89) EPS for the quarter, topping analysts’ consensus estimates of ($1.47) by $0.58. Analysts anticipate that Adverum Biotechnologies will post -4.64 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Braden Michael Leonard purchased 85,800 shares of the stock in a transaction on Tuesday, July 30th. The shares were acquired at an average price of $7.15 per share, with a total value of $613,470.00. Following the completion of the acquisition, the insider now directly owns 2,268,064 shares of the company’s stock, valued at $16,216,657.60. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.20% of the stock is owned by company insiders.

Institutional Trading of Adverum Biotechnologies

Several institutional investors have recently made changes to their positions in ADVM. Renaissance Technologies LLC lifted its holdings in Adverum Biotechnologies by 2.4% in the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock worth $935,000 after purchasing an additional 3,169 shares in the last quarter. Rhumbline Advisers raised its position in shares of Adverum Biotechnologies by 10,419.1% during the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after buying an additional 30,528 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Adverum Biotechnologies in the second quarter worth $443,000. Marshall Wace LLP boosted its position in shares of Adverum Biotechnologies by 52.9% during the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock worth $1,404,000 after acquiring an additional 70,768 shares during the last quarter. Finally, Squarepoint Ops LLC grew its stake in Adverum Biotechnologies by 301.1% during the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock valued at $748,000 after acquiring an additional 81,808 shares in the last quarter. Hedge funds and other institutional investors own 48.17% of the company’s stock.

About Adverum Biotechnologies

(Get Free Report

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.

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Analyst Recommendations for Adverum Biotechnologies (NASDAQ:ADVM)

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