Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives $27.83 Average Target Price from Brokerages

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have been given an average recommendation of “Moderate Buy” by the six analysts that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $27.83.

ADVM has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. StockNews.com downgraded Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. Finally, Royal Bank of Canada reduced their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a report on Tuesday, November 5th.

Adverum Biotechnologies Trading Up 7.0 %

ADVM opened at $4.71 on Monday. Adverum Biotechnologies has a 12-month low of $3.52 and a 12-month high of $20.90. The stock has a fifty day simple moving average of $4.44 and a two-hundred day simple moving average of $6.08. The company has a market cap of $97.98 million, a price-to-earnings ratio of -0.79 and a beta of 0.94.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors have recently modified their holdings of ADVM. SG Americas Securities LLC purchased a new stake in shares of Adverum Biotechnologies during the third quarter valued at $74,000. BML Capital Management LLC boosted its position in shares of Adverum Biotechnologies by 15.4% during the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after buying an additional 302,064 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Adverum Biotechnologies during the third quarter valued at $93,000. BNP Paribas Financial Markets boosted its position in shares of Adverum Biotechnologies by 177.0% during the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 2,649 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its position in Adverum Biotechnologies by 129.1% in the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after purchasing an additional 7,089 shares during the last quarter. 48.17% of the stock is owned by hedge funds and other institutional investors.

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.