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

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

Several research analysts recently issued reports on the company. Royal Bank of Canada dropped their price target on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 5th. Truist Financial decreased their price target on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. StockNews.com downgraded Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Finally, HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of hedge funds have recently made changes to their positions in ADVM. BNP Paribas Financial Markets boosted its position in Adverum Biotechnologies by 177.0% during the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 2,649 shares during the period. Captrust Financial Advisors purchased a new stake in shares of Adverum Biotechnologies during the third quarter worth $71,000. SG Americas Securities LLC bought a new position in Adverum Biotechnologies in the 3rd quarter worth about $74,000. MetLife Investment Management LLC boosted its position in shares of Adverum Biotechnologies by 129.1% in the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after acquiring an additional 7,089 shares during the period. Finally, Zacks Investment Management purchased a new position in Adverum Biotechnologies during the third quarter valued at approximately $89,000. 48.17% of the stock is currently owned by institutional investors.

Adverum Biotechnologies Trading Down 0.1 %

Shares of ADVM opened at $6.85 on Friday. The stock has a market capitalization of $142.49 million, a PE ratio of -1.15 and a beta of 1.02. Adverum Biotechnologies has a 12 month low of $6.38 and a 12 month high of $29.70. The firm’s 50 day moving average is $7.49 and its 200-day moving average is $7.58.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (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. Equities research analysts predict that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

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.