HC Wainwright Begins Coverage on Adverum Biotechnologies (NASDAQ:ADVM)

HC Wainwright assumed coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research report issued to clients and investors on Tuesday, Briefing.com reports. The firm set a “buy” rating and a $30.00 price target on the biotechnology company’s stock. HC Wainwright’s price target indicates a potential upside of 214.80% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Mizuho cut 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. StockNews.com upgraded Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $4.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.00.

Adverum Biotechnologies Price Performance

Shares of NASDAQ ADVM opened at $9.53 on Tuesday. The company has a market capitalization of $197.75 million, a price-to-earnings ratio of -0.82 and a beta of 0.84. Adverum Biotechnologies has a 1-year low of $7.21 and a 1-year high of $29.70. The business has a 50-day moving average of $15.18 and a 200-day moving average of $12.07.

Adverum Biotechnologies (NASDAQ:ADVM) last released 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. Research analysts expect that Adverum Biotechnologies will post -5.18 EPS for the current fiscal year.

Insider Transactions at Adverum Biotechnologies

In other Adverum Biotechnologies news, Director James Paul Scopa acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was acquired at an average price of $13.50 per share, with a total value of $135,000.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at $135,000. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Adverum Biotechnologies

Hedge funds and other institutional investors have recently modified their holdings of the company. AIGH Capital Management LLC increased its holdings in shares of Adverum Biotechnologies by 139.6% in the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after acquiring an additional 1,848,834 shares during the period. Vivo Capital LLC bought a new stake in shares of Adverum Biotechnologies during the first quarter valued at approximately $21,210,000. BML Capital Management LLC raised its holdings in shares of Adverum Biotechnologies by 16.3% during 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 buying an additional 639,252 shares during the last quarter. Citigroup Inc. bought a new position in Adverum Biotechnologies in the 3rd quarter worth approximately $715,000. Finally, Worth Venture Partners LLC raised its stake in Adverum Biotechnologies by 136.5% during the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after acquiring an additional 452,678 shares in the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

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.