Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives $27.83 Consensus PT from Analysts

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have earned a consensus recommendation of “Moderate Buy” from the six research firms that are covering the stock, MarketBeat Ratings 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 1 year target price among brokers that have issued ratings on the stock in the last year is $27.83.

Several equities research analysts recently commented on the stock. HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. Finally, Royal Bank of Canada decreased their price target on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds have recently bought and sold shares of ADVM. BML Capital Management LLC grew its position in shares of 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 valued at $15,922,000 after purchasing an additional 302,064 shares in the last quarter. State Street Corp increased its stake 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 worth $2,595,000 after acquiring an additional 91,112 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Adverum Biotechnologies by 741.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after acquiring an additional 196,884 shares during the period. Marshall Wace LLP boosted its position 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 valued at $1,404,000 after acquiring an additional 70,768 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Adverum Biotechnologies by 2.4% in the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after purchasing an additional 3,169 shares during the period. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Stock Down 5.5 %

NASDAQ:ADVM opened at $4.27 on Friday. Adverum Biotechnologies has a 52 week low of $4.23 and a 52 week high of $29.70. The stock’s 50-day moving average price is $5.89 and its 200-day moving average price is $6.85. The stock has a market capitalization of $88.82 million, a PE ratio of -0.71 and a beta of 0.96.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data 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 business had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. Sell-side analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

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.