Adverum Biotechnologies (NASDAQ:ADVM) Price Target Cut to $6.00 by Analysts at Chardan Capital

Adverum Biotechnologies (NASDAQ:ADVM) had its price target decreased by Chardan Capital from $10.00 to $6.00 in a research report released on Friday morning, Briefing.com Automated Import reports. Chardan Capital currently has a neutral rating on the biotechnology company’s stock.

Several other equities analysts have also weighed in on the stock. SunTrust Banks raised their price objective on shares of Adverum Biotechnologies to $12.00 and gave the company a hold rating in a research report on Monday, July 29th. They noted that the move was a valuation call. BidaskClub lowered shares of Adverum Biotechnologies from a buy rating to a hold rating in a research report on Tuesday, June 18th. Raymond James initiated coverage on shares of Adverum Biotechnologies in a research report on Thursday, June 13th. They set a market perform rating for the company. Cowen restated a buy rating on shares of Adverum Biotechnologies in a research report on Tuesday, July 9th. Finally, Zacks Investment Research lowered shares of Adverum Biotechnologies from a strong-buy rating to a hold rating in a research report on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Adverum Biotechnologies presently has a consensus rating of Hold and an average price target of $9.60.

NASDAQ:ADVM opened at $6.29 on Friday. Adverum Biotechnologies has a twelve month low of $2.62 and a twelve month high of $16.38. The company has a current ratio of 17.79, a quick ratio of 17.79 and a debt-to-equity ratio of 0.12. The company has a 50-day moving average of $11.27 and a 200-day moving average of $9.26. The firm has a market cap of $384.18 million, a price-to-earnings ratio of -5.33 and a beta of 2.49.



Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.23) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.08. Adverum Biotechnologies had a negative net margin of 4,505.40% and a negative return on equity of 31.21%. On average, research analysts forecast that Adverum Biotechnologies will post -1.02 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of ADVM. Bank of America Corp DE lifted its stake in Adverum Biotechnologies by 185.8% during the fourth quarter. Bank of America Corp DE now owns 40,501 shares of the biotechnology company’s stock valued at $128,000 after buying an additional 26,330 shares in the last quarter. BNP Paribas Arbitrage SA lifted its stake in Adverum Biotechnologies by 94.9% during the first quarter. BNP Paribas Arbitrage SA now owns 16,504 shares of the biotechnology company’s stock valued at $86,000 after buying an additional 8,038 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Adverum Biotechnologies during the first quarter valued at about $60,000. JPMorgan Chase & Co. lifted its stake in Adverum Biotechnologies by 12.7% during the first quarter. JPMorgan Chase & Co. now owns 3,297,793 shares of the biotechnology company’s stock valued at $17,281,000 after buying an additional 371,461 shares in the last quarter. Finally, MetLife Investment Advisors LLC purchased a new stake in Adverum Biotechnologies during the first quarter valued at about $150,000. 71.78% of the stock is owned by institutional investors.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.

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Analyst Recommendations for Adverum Biotechnologies (NASDAQ:ADVM)

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