Adverum Biotechnologies (NASDAQ:ADVM) Coverage Initiated by Analysts at Oppenheimer

Oppenheimer initiated coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research report report published on Tuesday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $25.00 target price on the biotechnology company’s stock.

A number of other analysts have also recently commented on ADVM. StockNews.com raised shares of Adverum Biotechnologies from a sell rating to a hold rating in a report on Monday, May 27th. Truist Financial reiterated a buy rating and set a $60.00 price objective on shares of Adverum Biotechnologies in a research report on Wednesday, May 15th. Chardan Capital reissued a buy rating and issued a $4.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, March 19th. Mizuho reduced their price target on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating on the stock in a research note on Monday, April 29th. Finally, HC Wainwright reissued a buy rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Friday, May 10th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $28.20.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ ADVM opened at $6.91 on Tuesday. The firm’s 50 day moving average price is $8.59 and its 200-day moving average price is $11.80. The company has a market cap of $143.43 million, a PE ratio of -0.68 and a beta of 1.14. Adverum Biotechnologies has a 52-week low of $6.38 and a 52-week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.28) by ($0.22). On average, analysts forecast that Adverum Biotechnologies will post -5.42 earnings per share for the current fiscal year.

Institutional Trading of Adverum Biotechnologies

A number of institutional investors have recently bought and sold shares of ADVM. Apexium Financial LP acquired a new stake in Adverum Biotechnologies during the 4th quarter valued at approximately $45,000. Monaco Asset Management SAM boosted its stake in Adverum Biotechnologies by 33.8% during the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after purchasing an additional 20,000 shares during the last quarter. Twin Focus Capital Partners LLC acquired a new position in shares of Adverum Biotechnologies during the 4th quarter valued at about $75,000. Picton Mahoney Asset Management acquired a new position in shares of Adverum Biotechnologies during the 1st quarter valued at about $1,755,000. Finally, Assenagon Asset Management S.A. acquired a new position in Adverum Biotechnologies in the first quarter valued at about $5,072,000. 48.17% of the stock is currently owned by institutional investors and hedge funds.

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.