Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives $28.17 Consensus Price Target from Analysts

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has received a consensus rating of “Moderate Buy” from the six brokerages that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $28.17.

Several research firms have issued reports on ADVM. Royal Bank of Canada lowered their price target on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday, August 13th. HC Wainwright reissued a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Chardan Capital increased their price target on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, Truist Financial dropped their price objective on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th.

Adverum Biotechnologies Stock Down 0.5 %

NASDAQ ADVM opened at $8.08 on Tuesday. The company has a market capitalization of $167.72 million, a price-to-earnings ratio of -0.79 and a beta of 1.04. Adverum Biotechnologies has a twelve month low of $6.38 and a twelve month high of $29.70. The stock has a fifty day simple moving average of $7.24 and a 200 day simple moving average of $7.99.

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

Insider Activity

In other news, major shareholder Braden Michael Leonard purchased 85,800 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The shares were acquired at an average cost of $7.15 per share, with a total value of $613,470.00. Following the purchase, the insider now owns 2,268,064 shares in the company, valued at $16,216,657.60. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.20% of the stock is currently owned by company insiders.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Picton Mahoney Asset Management acquired a new position in shares of Adverum Biotechnologies during the first quarter valued at about $1,755,000. Assenagon Asset Management S.A. lifted its position in Adverum Biotechnologies by 72.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock valued at $4,239,000 after acquiring an additional 259,191 shares in the last quarter. Marshall Wace LLP boosted its stake in Adverum Biotechnologies by 52.9% during the 2nd quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after purchasing an additional 70,768 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Adverum Biotechnologies by 741.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after purchasing an additional 196,884 shares in the last quarter. Finally, Squarepoint Ops LLC raised its stake 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 purchasing an additional 81,808 shares during the last quarter. 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.