Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Given Consensus Rating of “Buy” by Analysts

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have been given a consensus rating of “Buy” by the four ratings firms that are covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a buy rating. The average 1-year price target among brokerages that have covered the stock in the last year is $29.00.

A number of brokerages recently weighed in on ADVM. StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Friday, March 22nd. HC Wainwright initiated coverage on shares of Adverum Biotechnologies in a report on Tuesday. They issued a “buy” rating and a $30.00 price target on the stock. Chardan Capital reaffirmed a “buy” rating and set a $4.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, March 19th. Finally, Mizuho dropped their price objective on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating on the stock in a report on Monday.

Adverum Biotechnologies Price Performance

Shares of NASDAQ:ADVM opened at $9.53 on Tuesday. The company’s 50-day moving average is $15.18 and its 200 day moving average is $12.07. Adverum Biotechnologies has a fifty-two week low of $7.21 and a fifty-two week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.80) by $0.50. On average, analysts predict that Adverum Biotechnologies will post -5.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Adverum Biotechnologies

In other news, Director James Paul Scopa purchased 10,000 shares of the stock in a transaction dated Wednesday, February 7th. The shares were purchased at an average cost of $13.50 per share, with a total value of $135,000.00. Following the completion of the acquisition, the director now owns 10,000 shares in the company, valued at approximately $135,000. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of institutional investors and hedge funds have recently modified their holdings of ADVM. AIGH Capital Management LLC lifted its holdings in shares of Adverum Biotechnologies by 139.6% in the fourth quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after buying an additional 1,848,834 shares in the last quarter. Vivo Capital LLC purchased a new stake in Adverum Biotechnologies in the first quarter valued at approximately $21,210,000. BML Capital Management LLC raised its stake in Adverum Biotechnologies by 16.3% in the fourth quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock valued at $3,428,000 after purchasing an additional 639,252 shares in the last quarter. Citigroup Inc. purchased a new stake in Adverum Biotechnologies in the third quarter valued at approximately $715,000. Finally, Worth Venture Partners LLC raised its stake in Adverum Biotechnologies by 136.5% in the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after purchasing an additional 452,678 shares in the last quarter. 48.17% of the stock is owned by hedge funds and other institutional investors.

Adverum Biotechnologies Company Profile

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.