Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have been given an average recommendation of “Hold” by the six brokerages that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $10.50.

ADVM has been the subject of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Adverum Biotechnologies in a research report on Wednesday, October 8th. Truist Financial set a $5.00 target price on Adverum Biotechnologies in a report on Friday, October 24th. HC Wainwright restated a “neutral” rating and issued a $5.00 price target (down from $30.00) on shares of Adverum Biotechnologies in a report on Monday, November 17th. Chardan Capital cut Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Finally, Mizuho set a $5.50 price target on shares of Adverum Biotechnologies in a research note on Wednesday, October 29th.

Hedge Funds Weigh In On Adverum Biotechnologies

Several institutional investors and hedge funds have recently modified their holdings of the stock. BML Capital Management LLC grew its holdings in Adverum Biotechnologies by 20.9% in the 1st quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company’s stock valued at $11,984,000 after buying an additional 474,253 shares in the last quarter. Jane Street Group LLC bought a new stake in Adverum Biotechnologies during the 2nd quarter worth $153,000. Two Sigma Investments LP increased its stake in shares of Adverum Biotechnologies by 372.7% in the third quarter. Two Sigma Investments LP now owns 88,670 shares of the biotechnology company’s stock valued at $402,000 after buying an additional 69,913 shares during the period. Pale Fire Capital SE raised 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 valued at $1,609,000 after acquiring an additional 53,113 shares during the last quarter. Finally, Invesco Ltd. bought a new position in Adverum Biotechnologies during the 1st quarter worth $218,000. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Adverum Biotechnologies Trading Down 1.2%

Shares of ADVM stock traded down $0.05 on Friday, hitting $4.14. The stock had a trading volume of 204,894 shares, compared to its average volume of 355,243. The firm has a market cap of $91.40 million, a P/E ratio of -0.53 and a beta of 1.01. Adverum Biotechnologies has a twelve month low of $1.78 and a twelve month high of $6.98. The company has a fifty day moving average price of $4.30 and a two-hundred day moving average price of $3.21.

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 analysts’ consensus estimates of ($1.80) by ($0.23). On average, analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current 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.