Analysts Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Price Target at $16.80

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has earned a consensus rating of “Hold” from the six research firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $15.50.

ADVM has been the subject of several analyst reports. HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, September 23rd. Truist Financial set a $5.00 price target on shares of Adverum Biotechnologies in a report on Friday, October 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adverum Biotechnologies in a report on Wednesday, October 8th. Royal Bank Of Canada set a $4.00 price target on shares of Adverum Biotechnologies in a report on Tuesday. Finally, Chardan Capital downgraded shares of Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a report on Monday.

Institutional Trading of Adverum Biotechnologies

Several hedge funds have recently added to or reduced their stakes in the business. BML Capital Management LLC increased its position in shares of Adverum Biotechnologies by 20.9% in the first quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company’s stock valued at $11,984,000 after acquiring an additional 474,253 shares during the period. Pale Fire Capital SE increased its position in shares of Adverum Biotechnologies by 16.9% during the first quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company’s stock valued at $1,609,000 after buying an additional 53,113 shares during the period. Invesco Ltd. bought a new stake in Adverum Biotechnologies during the first quarter worth about $218,000. Grant GrossMendelsohn LLC boosted its stake in Adverum Biotechnologies by 90.3% during the first quarter. Grant GrossMendelsohn LLC now owns 160,157 shares of the biotechnology company’s stock worth $700,000 after acquiring an additional 75,984 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Adverum Biotechnologies during the first quarter worth about $139,000. 48.17% of the stock is owned by institutional investors.

Adverum Biotechnologies Price Performance

Shares of NASDAQ:ADVM opened at $4.23 on Tuesday. The stock has a market cap of $88.75 million, a PE ratio of -0.54 and a beta of 0.98. The business has a 50 day moving average of $3.95 and a 200-day moving average of $3.08. Adverum Biotechnologies has a 12-month low of $1.78 and a 12-month high of $8.18.

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). Equities research analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

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.