Adverum Biotechnologies (NASDAQ:ADVM) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Adverum Biotechnologies (NASDAQ:ADVMFree Report) from a sell rating to a hold rating in a research note issued to investors on Monday.

Several other equities research analysts have also recently weighed in on ADVM. Mizuho decreased their target price on Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating for the company in a research note on Monday, April 29th. HC Wainwright reiterated a buy rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Friday, May 10th. Truist Financial reissued a buy rating and issued a $60.00 target price on shares of Adverum Biotechnologies in a report on Wednesday, May 15th. Finally, Chardan Capital reissued a buy rating and issued a $4.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, March 19th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $29.00.

Read Our Latest Research Report on Adverum Biotechnologies

Adverum Biotechnologies Trading Down 2.6 %

Shares of ADVM opened at $7.81 on Monday. The firm has a market cap of $162.14 million, a P/E ratio of -0.77 and a beta of 0.89. Adverum Biotechnologies has a 12-month low of $7.24 and a 12-month high of $29.70. The company’s 50-day moving average price is $10.71 and its 200 day moving average price is $11.94.

Adverum Biotechnologies (NASDAQ:ADVMGet Free Report) last posted its quarterly earnings results on Monday, March 18th. The biotechnology company reported ($2.30) EPS for the quarter, topping the consensus estimate of ($2.80) by $0.50. Equities research analysts forecast that Adverum Biotechnologies will post -5.42 earnings per share for the current year.

Institutional Trading of Adverum Biotechnologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADVM. Apexium Financial LP purchased a new stake in Adverum Biotechnologies in the 4th quarter valued at about $45,000. Monaco Asset Management SAM grew its holdings in shares of Adverum Biotechnologies by 33.8% during the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after purchasing an additional 20,000 shares during the period. Twin Focus Capital Partners LLC purchased a new stake in shares of Adverum Biotechnologies during the 4th quarter worth about $75,000. Worth Venture Partners LLC grew its holdings in shares of Adverum Biotechnologies by 136.5% during the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after purchasing an additional 452,678 shares during the period. Finally, Citigroup Inc. acquired a new position in Adverum Biotechnologies during the 3rd quarter worth approximately $715,000. Hedge funds and other institutional investors own 48.17% of the company’s stock.

About Adverum Biotechnologies

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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.

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