HC Wainwright Reiterates “Neutral” Rating for Adverum Biotechnologies (NASDAQ:ADVM)

Adverum Biotechnologies (NASDAQ:ADVM)‘s stock had its “neutral” rating reiterated by equities researchers at HC Wainwright in a research report issued on Monday, MarketBeat Ratings reports. They currently have a $5.00 price target on the biotechnology company’s stock, down from their previous price target of $30.00. HC Wainwright’s target price would suggest a potential upside of 17.65% from the company’s previous close.

A number of other equities analysts have also recently issued reports on ADVM. Truist Financial set a $5.00 target price on Adverum Biotechnologies in a report on Friday, October 24th. Mizuho set a $5.50 price objective on shares of Adverum Biotechnologies in a report on Wednesday, October 29th. Royal Bank Of Canada set a $4.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, October 28th. Chardan Capital downgraded shares of Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Adverum Biotechnologies in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.50.

Adverum Biotechnologies Price Performance

Shares of ADVM opened at $4.25 on Monday. Adverum Biotechnologies has a one year low of $1.78 and a one year high of $6.98. The company has a market cap of $93.83 million, a PE ratio of -0.54 and a beta of 1.01. The stock has a 50-day moving average of $4.24 and a 200-day moving average of $3.19.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Wednesday, November 12th. The biotechnology company reported ($2.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.80) by ($0.23). Analysts expect that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC purchased a new stake in Adverum Biotechnologies in the 3rd quarter valued at about $58,000. Y Intercept Hong Kong Ltd bought a new position in shares of Adverum Biotechnologies in the second quarter valued at approximately $45,000. XTX Topco Ltd bought a new stake in Adverum Biotechnologies during the second quarter worth $64,000. Qube Research & Technologies Ltd purchased a new position in Adverum Biotechnologies in the second quarter worth $66,000. Finally, Nuveen LLC bought a new position in Adverum Biotechnologies in the 1st quarter valued at $139,000. 48.17% of the stock is currently owned by hedge funds and other 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.