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

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

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

Institutional Investors Weigh In On Adverum Biotechnologies

Several hedge funds have recently made changes to their positions in the business. BML Capital Management LLC boosted its position in shares of Adverum Biotechnologies by 15.4% during 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 grew its stake in 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 in the last quarter. State Street Corp raised its position in Adverum Biotechnologies by 32.7% during the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after acquiring an additional 91,112 shares in the last quarter. Squarepoint Ops LLC boosted its holdings in Adverum Biotechnologies by 301.1% in the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock worth $748,000 after purchasing an additional 81,808 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Adverum Biotechnologies by 52.9% during the 2nd quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after acquiring an additional 70,768 shares during the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Price Performance

Shares of NASDAQ:ADVM opened at $4.52 on Friday. The firm has a market capitalization of $94.03 million, a price-to-earnings ratio of -0.75 and a beta of 0.96. The business’s 50 day simple moving average is $5.95 and its 200-day simple moving average is $6.86. Adverum Biotechnologies has a 12 month low of $4.42 and a 12 month high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) 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. On average, equities analysts anticipate that Adverum Biotechnologies will post -4.92 earnings per share 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.