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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has been given a consensus recommendation of “Hold” by the six analysts that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $10.50.

ADVM has been the subject of several recent analyst reports. HC Wainwright restated a “neutral” rating and issued a $5.00 price target (down previously from $30.00) on shares of Adverum Biotechnologies in a research note on Monday, November 17th. Chardan Capital lowered Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Truist Financial set a $5.00 price objective on Adverum Biotechnologies in a research report on Friday, October 24th. Wall Street Zen downgraded Adverum Biotechnologies to a “strong sell” rating in a research note on Saturday, December 13th. Finally, Royal Bank Of Canada set a $4.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, October 28th.

Adverum Biotechnologies Price Performance

NASDAQ:ADVM opened at $4.36 on Friday. The company has a 50 day moving average price of $4.30 and a 200-day moving average price of $3.70. Adverum Biotechnologies has a 1-year low of $1.78 and a 1-year high of $6.12. The firm has a market cap of $96.26 million, a price-to-earnings ratio of -0.51 and a beta of 0.87.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly 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). On average, sell-side analysts anticipate that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Insider Activity at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard sold 524,560 shares of Adverum Biotechnologies stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $4.19, for a total value of $2,197,906.40. Following the sale, the insider directly owned 1,958,080 shares of the company’s stock, valued at $8,204,355.20. The trade was a 21.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Peter Soparkar purchased 50,000 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were purchased at an average price of $4.22 per share, with a total value of $211,000.00. Following the completion of the transaction, the chief operating officer directly owned 80,189 shares of the company’s stock, valued at $338,397.58. This represents a 165.62% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have purchased 178,699 shares of company stock valued at $764,917 and have sold 1,099,446 shares valued at $4,605,740. 6.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of institutional investors and hedge funds have recently bought and sold shares of ADVM. AQR Capital Management LLC acquired a new stake in Adverum Biotechnologies in the 1st quarter valued at about $148,000. Y Intercept Hong Kong Ltd purchased a new position in Adverum Biotechnologies during the second quarter worth approximately $45,000. BML Capital Management LLC boosted its stake in Adverum Biotechnologies by 11.5% during the second quarter. BML Capital Management LLC now owns 3,057,526 shares of the biotechnology company’s stock worth $6,574,000 after buying an additional 315,209 shares during the last quarter. XTX Topco Ltd acquired a new position in Adverum Biotechnologies during the second quarter worth $64,000. Finally, Marshall Wace LLP purchased a new stake in Adverum Biotechnologies in the 2nd quarter valued at $107,000. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Adverum Biotechnologies Company Profile

Adverum Biotechnologies is a clinical-stage gene therapy company focused on the discovery, development and delivery of novel treatments for ocular and rare diseases. Utilizing adeno-associated virus (AAV)–based vectors, the company seeks to deliver long-lasting, one-time therapies designed to address underlying genetic causes of vision loss and other conditions. Its proprietary platform combines engineering of AAV capsids for targeted tissue tropism with optimized expression cassettes, aiming to improve safety and durability over current standards of care.

The company’s lead programs target retinal disorders, including wet age-related macular degeneration (wet AMD) and diabetic retinopathy, through intravitreal administration of AAV vectors expressing therapeutic proteins.