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

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have been given an average rating of “Buy” by the four ratings firms that are presently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have issued a report on the stock in the last year is $29.00.

Several brokerages have recently commented on ADVM. HC Wainwright initiated coverage on shares of Adverum Biotechnologies in a research report on Tuesday, April 30th. They set a “buy” rating and a $30.00 price target on the stock. Chardan Capital reiterated a “buy” rating and issued a $4.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th. StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Finally, Mizuho decreased their price objective on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a report on Monday, April 29th.

Insider Buying and Selling

In other news, Director James Paul Scopa purchased 10,000 shares of the stock in a transaction dated Wednesday, February 7th. The stock was acquired at an average price of $13.50 per share, for a total transaction of $135,000.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at $135,000. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Adverum Biotechnologies

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Apexium Financial LP bought a new stake in Adverum Biotechnologies during the 4th quarter valued at $45,000. Monaco Asset Management SAM raised its stake in shares of Adverum Biotechnologies by 33.8% during the fourth quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after purchasing an additional 20,000 shares in the last quarter. Twin Focus Capital Partners LLC bought a new stake in shares of Adverum Biotechnologies during the fourth quarter valued at about $75,000. Worth Venture Partners LLC grew its position in Adverum Biotechnologies by 136.5% in the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after buying an additional 452,678 shares in the last quarter. Finally, Citigroup Inc. acquired a new position in Adverum Biotechnologies during the 3rd quarter valued at about $715,000. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Adverum Biotechnologies Stock Up 2.2 %

Shares of ADVM opened at $10.66 on Tuesday. The firm has a market cap of $221.30 million, a price-to-earnings ratio of -0.92 and a beta of 0.89. The business’s 50 day moving average is $14.19 and its two-hundred day moving average is $12.09. Adverum Biotechnologies has a 52-week low of $7.40 and a 52-week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.80) by $0.50. On average, equities analysts expect that Adverum Biotechnologies will post -5.18 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.