Adverum Biotechnologies (NASDAQ:ADVM) Given New $12.00 Price Target at Mizuho

Adverum Biotechnologies (NASDAQ:ADVM) had its price objective cut by Mizuho from $16.00 to $12.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an outperform rating on the biotechnology company’s stock.

Other analysts have also recently issued research reports about the company. Chardan Capital reissued a “buy” rating and issued a $33.00 price objective on shares of Adverum Biotechnologies in a research report on Thursday, May 15th. HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Thursday, May 15th. Finally, Royal Bank Of Canada cut their price objective on shares of Adverum Biotechnologies from $5.00 to $4.00 and set a “sector perform” rating on the stock in a report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.80.

Adverum Biotechnologies Stock Performance

NASDAQ:ADVM opened at $2.49 on Thursday. The company’s 50-day simple moving average is $2.61 and its 200-day simple moving average is $3.81. Adverum Biotechnologies has a fifty-two week low of $1.78 and a fifty-two week high of $10.14. The stock has a market capitalization of $52.02 million, a P/E ratio of -0.39 and a beta of 0.71.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) EPS for the quarter, missing analysts’ consensus estimates of ($1.34) by ($0.62). On average, 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 bought 19,566 shares of Adverum Biotechnologies stock in a transaction dated Monday, March 31st. The stock was acquired at an average cost of $4.38 per share, for a total transaction of $85,699.08. Following the completion of the transaction, the insider now directly owns 2,742,317 shares of the company’s stock, valued at approximately $12,011,348.46. This represents a 0.72% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have bought 84,775 shares of company stock worth $296,143 and have sold 13,010 shares worth $26,020. Company insiders own 6.00% of the company’s stock.

Institutional Trading of Adverum Biotechnologies

Large investors have recently added to or reduced their stakes in the stock. BML Capital Management LLC raised its stake in Adverum Biotechnologies by 20.9% during the first 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 during the period. Principia Wealth Advisory LLC increased its holdings in shares of Adverum Biotechnologies by 27.5% during the 1st quarter. Principia Wealth Advisory LLC now owns 1,696,815 shares of the biotechnology company’s stock worth $7,415,000 after buying an additional 366,155 shares during the last quarter. Regeneron Pharmaceuticals Inc. purchased a new stake in shares of Adverum Biotechnologies during the 4th quarter valued at approximately $845,000. Dimensional Fund Advisors LP raised its position 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 during the period. Finally, Renaissance Technologies LLC lifted its holdings in Adverum Biotechnologies by 249.6% in the fourth quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company’s stock valued at $605,000 after acquiring an additional 92,533 shares during the last quarter. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

Adverum Biotechnologies Company Profile

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.