Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives $10.50 Average Price Target from Analysts

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has earned a consensus rating of “Hold” from the six analysts that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $10.50.

A number of research analysts have recently commented on the stock. HC Wainwright reaffirmed a “neutral” rating and set a $5.00 price objective (down previously from $30.00) on shares of Adverum Biotechnologies in a research note on Monday, November 17th. Mizuho set a $5.50 target price on shares of Adverum Biotechnologies in a report on Wednesday, October 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adverum Biotechnologies in a research note on Wednesday, October 8th. Chardan Capital cut shares of Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Finally, Royal Bank Of Canada set a $4.00 price objective on Adverum Biotechnologies in a report on Tuesday, October 28th.

Adverum Biotechnologies Stock Down 0.5%

Shares of Adverum Biotechnologies stock opened at $4.12 on Friday. Adverum Biotechnologies has a fifty-two week low of $1.78 and a fifty-two week high of $6.98. The business’s fifty day moving average is $4.33 and its two-hundred day moving average is $3.22. The firm has a market cap of $90.96 million, a PE ratio of -0.52 and a beta of 1.01.

Adverum Biotechnologies (NASDAQ:ADVM) last released its earnings results on Wednesday, November 12th. The biotechnology company reported ($2.03) EPS for the quarter, missing the consensus estimate of ($1.80) by ($0.23). Equities research analysts anticipate that Adverum Biotechnologies will post -4.92 EPS for the current year.

Hedge Funds Weigh In On Adverum Biotechnologies

Large investors have recently modified their holdings of the company. BML Capital Management LLC grew its holdings in shares of Adverum Biotechnologies by 20.9% during the 1st 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. Invesco Ltd. acquired a new position in Adverum Biotechnologies during the first quarter valued at approximately $218,000. Nuveen LLC purchased a new stake in Adverum Biotechnologies during the first quarter worth approximately $139,000. Pale Fire Capital SE increased its position in shares of Adverum Biotechnologies by 16.9% in the first quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company’s stock worth $1,609,000 after acquiring an additional 53,113 shares in the last quarter. Finally, AQR Capital Management LLC purchased a new position in shares of Adverum Biotechnologies in the 1st quarter valued at $148,000. 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.