Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have earned a consensus rating of “Moderate Buy” from the six research firms that are currently covering the stock, 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 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $27.83.

Several research firms have recently issued reports on ADVM. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. Finally, Royal Bank of Canada lowered 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 report on Tuesday, November 5th.

Adverum Biotechnologies Trading Up 4.4 %

Shares of ADVM opened at $5.01 on Friday. The firm’s 50-day moving average is $6.20 and its two-hundred day moving average is $6.92. Adverum Biotechnologies has a twelve month low of $4.42 and a twelve month high of $29.70. The firm has a market capitalization of $104.22 million, a P/E ratio of -0.84 and a beta of 0.96.

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

Hedge Funds Weigh In On Adverum Biotechnologies

Institutional investors and hedge funds have recently modified their holdings of the company. BML Capital Management LLC raised its holdings in Adverum Biotechnologies by 15.4% in the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after acquiring an additional 302,064 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Adverum Biotechnologies by 741.8% in the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after purchasing an additional 196,884 shares during the period. State Street Corp increased its stake in Adverum Biotechnologies by 32.7% in the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after purchasing an additional 91,112 shares during the last quarter. Squarepoint Ops LLC lifted its position in Adverum Biotechnologies by 301.1% during the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock worth $748,000 after buying an additional 81,808 shares during the period. Finally, Marshall Wace LLP boosted its stake in Adverum Biotechnologies by 52.9% in the 2nd quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock worth $1,404,000 after buying an additional 70,768 shares during the last quarter. Hedge funds and other institutional investors own 48.17% of the company’s stock.

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.