Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have earned a consensus recommendation of “Moderate Buy” from the five ratings firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $23.80.

Several equities research analysts recently commented on ADVM shares. Royal Bank Of Canada cut their price target on shares of Adverum Biotechnologies from $5.00 to $4.00 and set a “sector perform” rating on the stock in a research note on Thursday, May 15th. HC Wainwright reiterated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Thursday, May 15th. Mizuho cut their price target on shares of Adverum Biotechnologies from $16.00 to $12.00 and set an “outperform” rating on the stock in a research note on Thursday, June 26th. Finally, Chardan Capital reiterated a “buy” rating and set a $33.00 price target on shares of Adverum Biotechnologies in a research note on Thursday, May 15th.

Insider Buying and Selling

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard acquired 50,000 shares of the company’s stock in a transaction on Wednesday, April 23rd. The shares were bought at an average cost of $2.98 per share, for a total transaction of $149,000.00. Following the completion of the purchase, the insider owned 191,800 shares in the company, valued at $571,564. This trade represents a 35.26% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold 13,010 shares of company stock valued at $26,020 in the last quarter. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ADVM. AQR Capital Management LLC acquired a new position in shares of Adverum Biotechnologies during the first quarter worth about $148,000. Pale Fire Capital SE increased its stake in shares of Adverum Biotechnologies by 16.9% during 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 during the period. Nuveen LLC acquired a new position in shares of Adverum Biotechnologies during the first quarter worth about $139,000. Invesco Ltd. acquired a new position in shares of Adverum Biotechnologies during the first quarter worth about $218,000. Finally, BML Capital Management LLC increased its stake in shares of Adverum Biotechnologies by 20.9% during the first quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company’s stock worth $11,984,000 after acquiring an additional 474,253 shares during the period. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Adverum Biotechnologies Trading Up 5.5%

Adverum Biotechnologies stock opened at $2.39 on Monday. The stock has a market cap of $49.83 million, a P/E ratio of -0.37 and a beta of 0.70. The company has a fifty day simple moving average of $2.54 and a 200-day simple moving average of $3.68. Adverum Biotechnologies has a 12-month low of $1.78 and a 12-month high of $10.14.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.34) by ($0.62). As a group, sell-side analysts forecast that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

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.