Brokerages Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Price Target at $28.17

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have earned a consensus rating of “Moderate Buy” from the six research firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $28.17.

A number of equities analysts have commented on ADVM shares. Truist Financial reduced their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Chardan Capital upped their price target on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Oppenheimer assumed coverage on shares of Adverum Biotechnologies in a research report on Tuesday, June 25th. They set an “outperform” rating and a $25.00 price objective for the company. HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Finally, Royal Bank of Canada cut their price target on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday, August 13th.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ ADVM opened at $7.28 on Friday. The company has a market capitalization of $151.11 million, a PE ratio of -0.71 and a beta of 1.03. The company’s fifty day moving average price is $7.02 and its 200 day moving average price is $8.69. Adverum Biotechnologies has a 1 year low of $6.38 and a 1 year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.47) by $0.58. On average, equities analysts expect that Adverum Biotechnologies will post -4.64 EPS for the current year.

Insider Activity

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard purchased 85,800 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was acquired at an average price of $7.15 per share, for a total transaction of $613,470.00. Following the completion of the purchase, the insider now directly owns 2,268,064 shares in the company, valued at approximately $16,216,657.60. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its holdings in Adverum Biotechnologies by 2.4% in the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after buying an additional 3,169 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Adverum Biotechnologies in the 3rd quarter valued at about $74,000. Rhumbline Advisers raised its position in shares of Adverum Biotechnologies by 10,419.1% during the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after acquiring an additional 30,528 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Adverum Biotechnologies during the second quarter worth approximately $443,000. Finally, Marshall Wace LLP boosted its holdings in Adverum Biotechnologies by 52.9% in the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after purchasing an additional 70,768 shares in the last quarter. Hedge funds and other institutional investors own 48.17% of the company’s stock.

About Adverum Biotechnologies

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.