Chardan Capital Issues Pessimistic Forecast for Adverum Biotechnologies (NASDAQ:ADVM) Stock Price

Adverum Biotechnologies (NASDAQ:ADVM) had its target price cut by stock analysts at Chardan Capital from $40.00 to $33.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock.

Other equities analysts have also recently issued research reports about the company. HC Wainwright reissued a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Wednesday. StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. Finally, Royal Bank of Canada reduced their price objective on Adverum Biotechnologies from $10.00 to $5.00 and set a “sector perform” rating for the company in a research report on Wednesday. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $25.83.

Adverum Biotechnologies Stock Down 1.7 %

Shares of Adverum Biotechnologies stock opened at $2.93 on Thursday. Adverum Biotechnologies has a 12-month low of $2.75 and a 12-month high of $11.87. The stock has a 50 day moving average price of $4.21 and a two-hundred day moving average price of $5.38. The stock has a market capitalization of $60.95 million, a P/E ratio of -0.49 and a beta of 1.10.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.34) by ($0.62). Sell-side analysts anticipate that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Insiders Place Their Bets

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard purchased 15,209 shares of the stock in a transaction on Wednesday, April 2nd. The shares were purchased at an average price of $4.04 per share, with a total value of $61,444.36. Following the acquisition, the insider now directly owns 2,757,526 shares of the company’s stock, valued at $11,140,405.04. This represents a 0.55 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last quarter, insiders bought 148,123 shares of company stock worth $714,040. 4.20% of the stock is currently owned by company insiders.

Institutional Trading of Adverum Biotechnologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its stake in Adverum Biotechnologies by 177.0% during the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 2,649 shares during the period. Wells Fargo & Company MN lifted its position in shares of Adverum Biotechnologies by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock worth $57,000 after buying an additional 2,659 shares during the period. American Century Companies Inc. lifted its position in shares of Adverum Biotechnologies by 36.6% during the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock worth $76,000 after buying an additional 4,362 shares during the period. JPMorgan Chase & Co. boosted its stake in Adverum Biotechnologies by 226.6% in the 4th quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company’s stock valued at $143,000 after buying an additional 21,274 shares in the last quarter. Finally, Corton Capital Inc. acquired a new position in Adverum Biotechnologies during the fourth quarter worth $153,000. Institutional investors 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.