Adverum Biotechnologies (NASDAQ:ADVM) Upgraded at StockNews.com

StockNews.com upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a sell rating to a hold rating in a report published on Wednesday morning.

A number of other analysts also recently weighed in on ADVM. HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. Truist Financial lowered their price target 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. Finally, Royal Bank of Canada reduced their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 5th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Stock Performance

Shares of ADVM opened at $5.37 on Wednesday. The stock has a market capitalization of $111.70 million, a P/E ratio of -0.92 and a beta of 0.91. Adverum Biotechnologies has a 1 year low of $5.36 and a 1 year high of $29.70. The company’s fifty day moving average is $7.16 and its two-hundred day moving average is $7.23.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The firm had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.50 million. Sell-side analysts predict that Adverum Biotechnologies will post -4.92 EPS for the current year.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets raised its position in Adverum Biotechnologies by 177.0% during the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 2,649 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Adverum Biotechnologies by 2.4% during 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 during the last quarter. MetLife Investment Management LLC lifted its stake in Adverum Biotechnologies by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after buying an additional 7,089 shares in the last quarter. Captrust Financial Advisors acquired a new stake in Adverum Biotechnologies during the 3rd quarter valued at $71,000. Finally, SG Americas Securities LLC purchased a new position in Adverum Biotechnologies during the third quarter worth $74,000. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

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.