Brokerages Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Target Price at $27.83

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

Several analysts have commented on the company. 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 report on Tuesday, November 5th. HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. Finally, StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds have recently bought and sold shares of ADVM. BML Capital Management LLC grew its position in shares of Adverum Biotechnologies by 15.4% in the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after purchasing an additional 302,064 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Adverum Biotechnologies by 741.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after buying an additional 196,884 shares in the last quarter. State Street Corp raised its holdings in shares of Adverum Biotechnologies by 32.7% during the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock worth $2,595,000 after acquiring an additional 91,112 shares during the period. Squarepoint Ops LLC raised its holdings in shares of Adverum Biotechnologies by 301.1% during the 2nd 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 period. Finally, Marshall Wace LLP boosted its position in shares of 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 acquiring an additional 70,768 shares during the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ ADVM opened at $4.79 on Friday. The company has a market capitalization of $99.64 million, a PE ratio of -0.80 and a beta of 0.96. The company’s fifty day moving average price is $6.13 and its 200 day moving average price is $6.91. Adverum Biotechnologies has a 1 year low of $4.42 and a 1 year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its 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 for the quarter, compared to analyst estimates of $0.50 million. On average, equities analysts expect that Adverum Biotechnologies will post -4.92 EPS for the current year.

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.