Analysts Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) PT at $28.17

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has been given an average rating of “Moderate Buy” by the six ratings firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $28.17.

A number of brokerages have commented on ADVM. Oppenheimer assumed coverage on Adverum Biotechnologies in a research report on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 price target for the company. StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Thursday, August 15th. Chardan Capital lifted their price target on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Truist Financial reduced their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Finally, HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th.

Insider Activity

In related news, major shareholder Braden Michael Leonard bought 135,546 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was purchased at an average price of $7.75 per share, for a total transaction of $1,050,481.50. Following the completion of the transaction, the insider now owns 2,101,546 shares in the company, valued at $16,286,981.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Adverum Biotechnologies

Several institutional investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC lifted its holdings in shares of Adverum Biotechnologies by 301.1% in the 2nd 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 during the last quarter. Marshall Wace LLP raised its position in Adverum Biotechnologies by 52.9% during the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after purchasing an additional 70,768 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Adverum Biotechnologies by 2.4% in the 2nd 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 last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Adverum Biotechnologies by 741.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after purchasing an additional 196,884 shares during the period. Finally, Rhumbline Advisers increased its position in shares of Adverum Biotechnologies by 10,419.1% during the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after purchasing an additional 30,528 shares during the last quarter. Hedge funds and other institutional investors own 48.17% of the company’s stock.

Adverum Biotechnologies Trading Up 0.1 %

Shares of NASDAQ ADVM opened at $6.77 on Monday. Adverum Biotechnologies has a 12-month low of $6.38 and a 12-month high of $29.70. The firm has a market capitalization of $140.52 million, a price-to-earnings ratio of -0.66 and a beta of 1.07. The firm has a 50 day moving average of $7.33 and a 200 day moving average of $10.42.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.47) by $0.58. Sell-side analysts predict that Adverum Biotechnologies will post -4.64 EPS for the current year.

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.