Chardan Capital Reaffirms Buy Rating for Adverum Biotechnologies (NASDAQ:ADVM)

Adverum Biotechnologies (NASDAQ:ADVM)‘s stock had its “buy” rating restated by investment analysts at Chardan Capital in a research note issued on Thursday,Benzinga reports. They currently have a $33.00 price target on the biotechnology company’s stock.

A number of other research analysts also recently commented on the company. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research note on Thursday. Royal Bank of Canada reduced their price objective on shares of Adverum Biotechnologies from $10.00 to $5.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.40.

Adverum Biotechnologies Stock Performance

Shares of ADVM opened at $2.12 on Thursday. The company has a market cap of $44.29 million, a price-to-earnings ratio of -0.35 and a beta of 1.03. The stock has a fifty day moving average price of $3.64 and a two-hundred day moving average price of $4.70. Adverum Biotechnologies has a 52-week low of $1.78 and a 52-week high of $10.14.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Tuesday, April 15th. The biotechnology company reported ($1.96) EPS for the quarter, missing analysts’ consensus estimates of ($1.34) by ($0.62). As a group, research analysts predict that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Insider Activity at Adverum Biotechnologies

In related news, major shareholder Braden Michael Leonard acquired 30,600 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price of $5.61 per share, with a total value of $171,666.00. Following the completion of the purchase, the insider now owns 2,722,761 shares in the company, valued at $15,274,689.21. This trade represents a 1.14% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have acquired 198,123 shares of company stock valued at $863,040 and have sold 13,010 shares valued at $26,020. 4.20% of the stock is owned by insiders.

Institutional Trading of Adverum Biotechnologies

Several large investors have recently modified their holdings of the business. BML Capital Management LLC raised its holdings in Adverum Biotechnologies by 20.9% in the 1st quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company’s stock worth $11,984,000 after purchasing an additional 474,253 shares in the last quarter. Principia Wealth Advisory LLC boosted its position in shares of Adverum Biotechnologies by 27.5% during the first quarter. Principia Wealth Advisory LLC now owns 1,696,815 shares of the biotechnology company’s stock valued at $7,415,000 after purchasing an additional 366,155 shares in the last quarter. Regeneron Pharmaceuticals Inc. bought a new position in Adverum Biotechnologies in the fourth quarter worth $845,000. Dimensional Fund Advisors LP boosted its holdings in shares of Adverum Biotechnologies by 50.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock valued at $1,452,000 after buying an additional 104,262 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of Adverum Biotechnologies by 249.6% in the 4th quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company’s stock worth $605,000 after buying an additional 92,533 shares during the period. 48.17% of the stock is owned by institutional investors.

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.