Analysts Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Target Price at $19.75

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have earned an average rating of “Hold” from the five analysts that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $19.75.

A number of research analysts have issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, September 23rd. Mizuho cut their price target on Adverum Biotechnologies from $16.00 to $12.00 and set an “outperform” rating on the stock in a report on Thursday, June 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adverum Biotechnologies in a research report on Saturday, September 27th. Finally, Chardan Capital reissued a “buy” rating and issued a $33.00 price objective on shares of Adverum Biotechnologies in a report on Wednesday, August 13th.

Institutional Investors Weigh In On Adverum Biotechnologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC acquired a new stake in Adverum Biotechnologies in the second quarter worth about $153,000. Qube Research & Technologies Ltd bought a new stake in shares of Adverum Biotechnologies during the 2nd quarter worth about $66,000. Marshall Wace LLP acquired a new stake in shares of Adverum Biotechnologies in the 2nd quarter worth approximately $107,000. XTX Topco Ltd acquired a new stake in shares of Adverum Biotechnologies in the 2nd quarter worth approximately $64,000. Finally, BML Capital Management LLC boosted its holdings in shares of Adverum Biotechnologies by 11.5% in the second quarter. BML Capital Management LLC now owns 3,057,526 shares of the biotechnology company’s stock valued at $6,574,000 after acquiring an additional 315,209 shares in the last quarter. 48.17% of the stock is currently owned by institutional investors.

Adverum Biotechnologies Price Performance

Shares of ADVM opened at $5.39 on Friday. Adverum Biotechnologies has a 12 month low of $1.78 and a 12 month high of $8.56. The stock has a fifty day moving average price of $3.22 and a 200 day moving average price of $3.02. The company has a market cap of $113.08 million, a P/E ratio of -0.69 and a beta of 0.98.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Tuesday, August 12th. The biotechnology company reported ($2.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.24) by ($0.10). As a group, research analysts anticipate that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

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.