Analysts Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) PT at $28.17

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have received a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $28.17.

ADVM has been the topic of several recent analyst reports. Chardan Capital upped their target price on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Royal Bank of Canada lowered their price target on Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 13th. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Truist Financial lowered their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Finally, StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 15th.

Adverum Biotechnologies Price Performance

Shares of ADVM stock opened at $6.76 on Monday. The business’s fifty day moving average price is $7.32 and its 200 day moving average price is $10.15. The firm has a market capitalization of $140.32 million, a PE ratio of -0.66 and a beta of 1.03. Adverum Biotechnologies has a 1-year low of $6.38 and a 1-year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.47) by $0.58. Equities research analysts expect that Adverum Biotechnologies will post -4.64 earnings per share for the current fiscal year.

Insider Transactions at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard bought 85,800 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were purchased at an average price of $7.15 per share, for a total transaction of $613,470.00. Following the completion of the transaction, the insider now owns 2,268,064 shares in the company, valued at $16,216,657.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 4.20% of the company’s stock.

Institutional Trading of Adverum Biotechnologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADVM. Squarepoint Ops LLC boosted its position in shares of 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 acquiring an additional 81,808 shares during the last quarter. Marshall Wace LLP boosted its holdings in Adverum Biotechnologies by 52.9% in the second 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. Renaissance Technologies LLC grew its position in Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after acquiring an additional 3,169 shares during the period. Dimensional Fund Advisors LP increased its stake in Adverum Biotechnologies by 741.8% during the second 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 last quarter. Finally, Rhumbline Advisers increased its stake in Adverum Biotechnologies by 10,419.1% during the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after acquiring an additional 30,528 shares during the last quarter. Hedge funds and other institutional investors own 48.17% of the company’s stock.

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.