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

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have received a consensus recommendation of “Moderate Buy” from the six brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $27.83.

ADVM has been the topic of several research reports. HC Wainwright reissued a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. Royal Bank of Canada lowered 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. Finally, StockNews.com downgraded shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th.

Adverum Biotechnologies Price Performance

NASDAQ ADVM opened at $4.22 on Thursday. The stock has a market capitalization of $87.78 million, a P/E ratio of -0.70 and a beta of 0.96. The firm’s 50-day moving average is $5.06 and its two-hundred day moving average is $6.55. Adverum Biotechnologies has a 12 month low of $4.01 and a 12 month 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 for the quarter, compared to analysts’ expectations of $0.50 million. As a group, analysts anticipate that Adverum Biotechnologies will post -4.92 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ADVM. BML Capital Management LLC raised its holdings in shares of 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 purchasing an additional 302,064 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in 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 buying an additional 196,884 shares during the last quarter. State Street Corp boosted its position in shares of Adverum Biotechnologies by 32.7% during 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 in the last quarter. Squarepoint Ops LLC increased 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. Finally, Marshall Wace LLP lifted its stake in Adverum Biotechnologies by 52.9% during the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock worth $1,404,000 after purchasing an additional 70,768 shares during the last quarter. Hedge funds and other institutional investors own 48.17% of the company’s stock.

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.