Adverum Biotechnologies (NASDAQ:ADVM) Price Target Cut to $22.00

Adverum Biotechnologies (NASDAQ:ADVM) had its price target cut by equities researchers at Mizuho from $40.00 to $22.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Mizuho’s price objective points to a potential upside of 126.34% from the stock’s previous close.

A number of other research analysts have also issued reports on ADVM. Chardan Capital reiterated a “buy” rating and set a $4.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th. StockNews.com upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

Adverum Biotechnologies Stock Up 2.0 %

Adverum Biotechnologies stock opened at $9.72 on Monday. The firm has a 50-day moving average price of $14.98 and a two-hundred day moving average price of $12.07. Adverum Biotechnologies has a 52-week low of $7.21 and a 52-week high of $29.70. The firm has a market capitalization of $201.69 million, a price-to-earnings ratio of -0.84 and a beta of 0.84.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.80) by $0.50. Research analysts expect that Adverum Biotechnologies will post -5.18 earnings per share for the current year.

Insider Activity at Adverum Biotechnologies

In other news, Director James Paul Scopa acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were bought at an average price of $13.50 per share, with a total value of $135,000.00. Following the purchase, the director now owns 10,000 shares of the company’s stock, valued at $135,000. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Monaco Asset Management SAM grew its stake in shares of Adverum Biotechnologies by 33.8% in the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after purchasing an additional 20,000 shares during the last quarter. Newtyn Management LLC boosted its holdings in Adverum Biotechnologies by 2.5% during the third quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company’s stock worth $1,538,000 after buying an additional 25,000 shares in the last quarter. Apexium Financial LP acquired a new position in Adverum Biotechnologies in the fourth quarter worth approximately $45,000. Twin Focus Capital Partners LLC bought a new position in shares of Adverum Biotechnologies in the fourth quarter valued at $75,000. Finally, Assenagon Asset Management S.A. bought a new position in shares of Adverum Biotechnologies in the first quarter valued at $5,072,000. 48.17% of the stock is owned by institutional investors and hedge funds.

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.