Royal Bank of Canada Has Lowered Expectations for Adverum Biotechnologies (NASDAQ:ADVM) Stock Price

Adverum Biotechnologies (NASDAQ:ADVM) had its target price dropped by equities researchers at Royal Bank of Canada from $5.00 to $4.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price target points to a potential upside of 88.68% from the company’s current price.

A number of other research analysts also recently weighed in on ADVM. Chardan Capital restated a “buy” rating and issued a $33.00 price target on shares of Adverum Biotechnologies in a research note on Thursday. HC Wainwright reissued a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research note on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $26.40.

Adverum Biotechnologies Trading Up 3.4%

Adverum Biotechnologies stock opened at $2.12 on Thursday. The company’s 50-day moving average is $3.64 and its two-hundred day moving average is $4.70. The company has a market cap of $44.29 million, a PE ratio of -0.35 and a beta of 1.03. Adverum Biotechnologies has a 1 year low of $1.78 and a 1 year high of $10.14.

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

Insider Activity

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard acquired 30,600 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $5.61 per share, for a total transaction of $171,666.00. Following the completion of the transaction, the insider now owns 2,722,761 shares of the company’s stock, valued at approximately $15,274,689.21. This represents a 1.14% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders acquired 198,123 shares of company stock valued at $863,040 and sold 13,010 shares valued at $26,020. 4.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Adverum Biotechnologies

Several hedge funds and other institutional investors have recently bought and sold shares of ADVM. Wells Fargo & Company MN lifted its stake in shares of Adverum Biotechnologies by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock valued at $57,000 after purchasing an additional 2,659 shares during the period. Geode Capital Management LLC lifted its stake in shares of Adverum Biotechnologies by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock worth $2,067,000 after purchasing an additional 3,434 shares during the period. Barclays PLC grew its holdings in Adverum Biotechnologies by 11.3% during the fourth quarter. Barclays PLC now owns 39,887 shares of the biotechnology company’s stock valued at $186,000 after purchasing an additional 4,055 shares during the period. American Century Companies Inc. increased its stake in Adverum Biotechnologies by 36.6% in 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 in the last quarter. Finally, Bank of America Corp DE raised its stake in Adverum Biotechnologies by 16.3% during the 4th quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company’s stock valued at $204,000 after purchasing an additional 6,094 shares during the period. Hedge funds and other 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.