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

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have received a consensus recommendation of “Moderate Buy” from the six research firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $27.83.

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

Adverum Biotechnologies Stock Down 5.6 %

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

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) EPS for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The firm had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. On average, research analysts expect that Adverum Biotechnologies will post -4.92 EPS for the current year.

Institutional Investors Weigh In On Adverum Biotechnologies

Several large investors have recently added to or reduced their stakes in ADVM. BNP Paribas Financial Markets increased its stake in Adverum Biotechnologies by 177.0% in the 3rd 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. Captrust Financial Advisors bought a new stake in shares of Adverum Biotechnologies during the 3rd quarter valued at about $71,000. SG Americas Securities LLC purchased a new stake in shares of Adverum Biotechnologies during the 3rd quarter valued at $74,000. MetLife Investment Management LLC boosted its holdings in shares of Adverum Biotechnologies by 129.1% in the 3rd 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 in the last quarter. Finally, Zacks Investment Management bought a new stake in shares of Adverum Biotechnologies in the 3rd quarter worth approximately $89,000. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Company Profile

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.