Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives $3.75 Average Target Price from Analysts

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have been assigned an average recommendation of “Moderate Buy” from the five analysts that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $3.40.

A number of research analysts recently issued reports on ADVM shares. StockNews.com started coverage on shares of Adverum Biotechnologies in a research report on Thursday, October 5th. They set a “hold” rating for the company. Chardan Capital upgraded shares of Adverum Biotechnologies from a “neutral” rating to a “buy” rating and boosted their target price for the company from $2.00 to $4.00 in a research report on Friday, August 11th. Truist Financial restated a “buy” rating and set a $6.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, September 5th. Finally, Mizuho started coverage on shares of Adverum Biotechnologies in a research report on Thursday. They set a “buy” rating and a $2.00 target price for the company.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ADVM. Invesco Ltd. raised its position in shares of Adverum Biotechnologies by 996.9% in the first quarter. Invesco Ltd. now owns 286,314 shares of the biotechnology company’s stock worth $375,000 after acquiring an additional 260,211 shares during the period. Mirabella Financial Services LLP acquired a new position in shares of Adverum Biotechnologies during the 1st quarter worth about $32,000. BNP Paribas Arbitrage SA raised its position in shares of Adverum Biotechnologies by 426.8% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 40,967 shares of the biotechnology company’s stock worth $49,000 after purchasing an additional 33,190 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Adverum Biotechnologies by 175.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,093,041 shares of the biotechnology company’s stock worth $1,312,000 after purchasing an additional 696,600 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in shares of Adverum Biotechnologies during the 2nd quarter worth about $1,246,000. Institutional investors and hedge funds own 70.87% of the company’s stock.

Adverum Biotechnologies Price Performance

Shares of ADVM opened at $0.93 on Friday. The firm has a market capitalization of $94.04 million, a PE ratio of -0.70 and a beta of 0.80. Adverum Biotechnologies has a 1-year low of $0.53 and a 1-year high of $2.34. The company’s fifty day moving average price is $1.34 and its 200-day moving average price is $1.41.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Thursday, August 10th. The biotechnology company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.01. As a group, research analysts anticipate that Adverum Biotechnologies will post -1.19 EPS for the current fiscal year.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular and rare diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with chronic retinal, including wet age-related macular degeneration and diabetic macular edema.