Brokerages Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) PT at $27.83

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has been assigned a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $27.83.

Several research analysts have recently weighed in on ADVM shares. StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Tuesday. Royal Bank of Canada lowered their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 5th. Truist Financial cut their price objective on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday.

Institutional Trading of Adverum Biotechnologies

Several hedge funds have recently modified their holdings of ADVM. Avoro Capital Advisors LLC purchased a new position in shares of Adverum Biotechnologies in the 1st quarter valued at $5,892,000. BML Capital Management LLC grew 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 valued at $15,922,000 after purchasing an additional 302,064 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Adverum Biotechnologies by 72.3% in the second 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 in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 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 last quarter. Finally, State Street Corp boosted its holdings 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 valued at $2,595,000 after buying an additional 91,112 shares in the last quarter. 48.17% of the stock is owned by hedge funds and other institutional investors.

Adverum Biotechnologies Stock Performance

Shares of ADVM stock opened at $6.17 on Friday. The business’s 50 day moving average price is $7.46 and its 200-day moving average price is $7.53. The firm has a market cap of $128.34 million, a P/E ratio of -1.03 and a beta of 1.02. Adverum Biotechnologies has a fifty-two week low of $6.00 and a fifty-two week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The company had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. As a group, equities analysts predict that Adverum Biotechnologies will post -4.92 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.