Adverum Biotechnologies, Inc. (NASDAQ:ADVM – Free Report) – Investment analysts at Chardan Capital increased their FY2023 earnings per share (EPS) estimates for Adverum Biotechnologies in a report issued on Monday, November 13th. Chardan Capital analyst D. Gataulin now forecasts that the biotechnology company will post earnings per share of ($1.33) for the year, up from their prior forecast of ($1.37). Chardan Capital has a “Buy” rating and a $4.00 price target on the stock. The consensus estimate for Adverum Biotechnologies’ current full-year earnings is ($1.19) per share. Chardan Capital also issued estimates for Adverum Biotechnologies’ FY2024 earnings at ($0.86) EPS.
A number of other research analysts have also recently commented on ADVM. StockNews.com started coverage on shares of Adverum Biotechnologies in a research note on Thursday, October 5th. They set a “hold” rating for the company. Mizuho started coverage on shares of Adverum Biotechnologies in a research note on Thursday, November 2nd. They set a “buy” rating and a $2.00 price target for the company. Finally, Truist Financial restated a “buy” rating and set a $6.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, September 5th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $3.50.
Adverum Biotechnologies Stock Up 1.0 %
Shares of ADVM opened at $0.89 on Thursday. The stock has a market cap of $89.85 million, a price-to-earnings ratio of -0.71 and a beta of 0.80. Adverum Biotechnologies has a 12 month low of $0.53 and a 12 month high of $2.34. The company has a 50-day moving average price of $1.18 and a two-hundred day moving average price of $1.40.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of ADVM. Bank of America Corp DE raised its stake in shares of Adverum Biotechnologies by 55,529.7% in the fourth quarter. Bank of America Corp DE now owns 5,591,896 shares of the biotechnology company’s stock valued at $3,238,000 after acquiring an additional 5,581,844 shares during the last quarter. Commodore Capital LP bought a new position in shares of Adverum Biotechnologies in the first quarter valued at approximately $3,587,000. Sonic GP LLC bought a new position in shares of Adverum Biotechnologies in the fourth quarter valued at approximately $2,638,000. VR Adviser LLC bought a new position in shares of Adverum Biotechnologies in the second quarter valued at approximately $6,179,000. Finally, Millennium Management LLC bought a new position in shares of Adverum Biotechnologies in the second quarter valued at approximately $1,246,000. Institutional investors own 70.87% of the company’s stock.
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.
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