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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has earned a consensus recommendation of “Moderate Buy” from the six research firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $27.83.

ADVM has been the subject of a number of research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, November 19th. StockNews.com upgraded Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Wednesday, December 11th. Finally, Royal Bank of Canada lowered their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th.

Hedge Funds Weigh In On Adverum Biotechnologies

Several institutional investors have recently bought and sold shares of ADVM. BML Capital Management LLC raised its stake 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 acquiring an additional 302,064 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Adverum Biotechnologies by 72.3% in the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after buying an additional 259,191 shares during the last quarter. State Street Corp lifted its stake in shares of Adverum Biotechnologies by 32.7% in the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock worth $2,595,000 after buying an additional 91,112 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Adverum Biotechnologies by 741.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after acquiring an additional 196,884 shares during the period. Finally, Marshall Wace LLP raised its holdings 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 acquiring an additional 70,768 shares during the period. 48.17% of the stock is currently owned by institutional investors.

Adverum Biotechnologies Stock Down 0.6 %

Shares of Adverum Biotechnologies stock opened at $5.23 on Wednesday. Adverum Biotechnologies has a 12 month low of $4.97 and a 12 month high of $29.70. The stock has a market cap of $108.79 million, a PE ratio of -0.87 and a beta of 0.91. The business has a fifty day simple moving average of $7.02 and a 200-day simple moving average of $7.17.

Adverum Biotechnologies (NASDAQ:ADVM) last released its earnings results 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 business had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. Analysts expect that Adverum Biotechnologies will post -4.92 EPS for the current fiscal 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.