Adverum Biotechnologies (ADVM) Raised to Buy at ValuEngine
ValuEngine upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a buy rating in a report issued on Thursday.
A number of other brokerages also recently issued reports on ADVM. BidaskClub downgraded Adverum Biotechnologies from a strong-buy rating to a buy rating in a research report on Tuesday, June 12th. SunTrust Banks assumed coverage on Adverum Biotechnologies in a research report on Thursday. They set a buy rating and a $11.00 price target on the stock. Piper Jaffray Companies assumed coverage on Adverum Biotechnologies in a research report on Friday, May 18th. They set a buy rating and a $12.00 price target on the stock. Zacks Investment Research upgraded Adverum Biotechnologies from a hold rating to a buy rating and set a $6.75 price target on the stock in a research report on Tuesday, May 15th. Finally, Chardan Capital reiterated a hold rating and set a $8.00 price target on shares of Adverum Biotechnologies in a research report on Thursday, August 9th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $8.75.
Shares of ADVM stock opened at $7.15 on Thursday. The company has a market cap of $366.76 million, a price-to-earnings ratio of -5.54 and a beta of 3.49. Adverum Biotechnologies has a 12-month low of $2.50 and a 12-month high of $8.59.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co. NY purchased a new position in shares of Adverum Biotechnologies in the second quarter valued at approximately $106,000. Voya Investment Management LLC purchased a new position in shares of Adverum Biotechnologies in the second quarter valued at approximately $107,000. Creative Planning lifted its position in shares of Adverum Biotechnologies by 76.8% in the second quarter. Creative Planning now owns 22,870 shares of the biotechnology company’s stock valued at $121,000 after acquiring an additional 9,937 shares in the last quarter. MetLife Investment Advisors LLC purchased a new position in shares of Adverum Biotechnologies in the second quarter valued at approximately $150,000. Finally, Raymond James & Associates purchased a new position in shares of Adverum Biotechnologies in the fourth quarter valued at approximately $172,000. Institutional investors and hedge funds own 58.69% of the company’s stock.
Adverum Biotechnologies Company Profile
Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates that target serious rare and ocular diseases. It leverages its adeno-associated virus (AAV)-based directed evolution platform to develop products. The company's pipeline of product candidates include ADVM-043 to treat alpha-1 antitrypsin deficiency, which is in Phase I/II clinical trial; and ADVM-053 for hereditary angioedema disease, which is in preclinical stage; as well as ADVM-022 and ADVM-032 for wet age-related macular degeneration disease, which are in preclinical stage.
Featured Story: Risk Tolerance and Your Investment Decisions
To view ValuEngine’s full report, visit ValuEngine’s official website.
Receive News & Ratings for Adverum Biotechnologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adverum Biotechnologies and related companies with MarketBeat.com's FREE daily email newsletter.