Adverum Biotechnologies (NASDAQ:ADVM) PT Lowered to $12.00 at Royal Bank of Canada

Adverum Biotechnologies (NASDAQ:ADVM) had its price objective reduced by Royal Bank of Canada from $15.00 to $12.00 in a report issued on Tuesday morning, Benzinga reports. They currently have a sector perform rating on the biotechnology company’s stock.

Other analysts have also issued reports about the company. HC Wainwright reissued a buy rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research note on Friday, May 10th. Chardan Capital boosted their price objective on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the company a buy rating in a research note on Thursday, July 18th. Oppenheimer began coverage on shares of Adverum Biotechnologies in a research report on Tuesday, June 25th. They set an outperform rating and a $25.00 target price for the company. Truist Financial reissued a buy rating and issued a $60.00 price objective on shares of Adverum Biotechnologies in a research report on Wednesday, May 15th. Finally, StockNews.com lowered Adverum Biotechnologies from a hold rating to a sell rating in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Adverum Biotechnologies has an average rating of Moderate Buy and an average target price of $28.17.

Adverum Biotechnologies Price Performance

ADVM stock opened at $6.82 on Tuesday. The company’s 50 day simple moving average is $7.35 and its 200-day simple moving average is $11.50. The firm has a market capitalization of $141.56 million, a PE ratio of -0.67 and a beta of 1.07. Adverum Biotechnologies has a 12 month low of $6.38 and a 12 month high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.47) by $0.58. As a group, sell-side analysts anticipate that Adverum Biotechnologies will post -5.5 earnings per share for the current year.

Insider Transactions at Adverum Biotechnologies

In related news, major shareholder Braden Michael Leonard bought 135,546 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was bought at an average price of $7.75 per share, with a total value of $1,050,481.50. Following the transaction, the insider now owns 2,101,546 shares of the company’s stock, valued at $16,286,981.50. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of hedge funds have recently added to or reduced their stakes in ADVM. Picton Mahoney Asset Management bought a new position in shares of Adverum Biotechnologies in the 1st quarter worth about $1,755,000. Rhumbline Advisers raised its stake in Adverum Biotechnologies by 10,419.1% during the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 30,528 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Adverum Biotechnologies during the 2nd quarter worth $443,000. Assenagon Asset Management S.A. grew its stake in shares of Adverum Biotechnologies by 72.3% in the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after purchasing an additional 259,191 shares in the last quarter. Finally, Avoro Capital Advisors LLC acquired a new position in shares of Adverum Biotechnologies during the first quarter valued at $5,892,000. 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.