Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have received an average rating of “Moderate Buy” from the six brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $27.83.

ADVM has been the topic of a number of research reports. StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. Royal Bank of Canada cut their price target 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. Finally, HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, November 19th.

Adverum Biotechnologies Trading Down 1.0 %

ADVM stock opened at $3.94 on Monday. The business’s 50-day moving average price is $4.51 and its two-hundred day moving average price is $6.16. The firm has a market cap of $81.96 million, a PE ratio of -0.66 and a beta of 0.94. Adverum Biotechnologies has a 1-year low of $3.85 and a 1-year high of $22.40.

Institutional Trading of Adverum Biotechnologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its position in shares of Adverum Biotechnologies by 177.0% in the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 2,649 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Adverum Biotechnologies by 27.8% in the fourth quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock valued at $57,000 after acquiring an additional 2,659 shares during the last quarter. Captrust Financial Advisors acquired a new stake in shares of Adverum Biotechnologies in the third quarter valued at about $71,000. SG Americas Securities LLC acquired a new stake in shares of Adverum Biotechnologies in the third quarter valued at about $74,000. Finally, American Century Companies Inc. increased its position in shares of Adverum Biotechnologies by 36.6% in the fourth quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock valued at $76,000 after acquiring an additional 4,362 shares during the last quarter. Institutional investors and hedge funds 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.