HC Wainwright Initiates Coverage on Adverum Biotechnologies (NASDAQ:ADVM)

Equities research analysts at HC Wainwright initiated coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a report issued on Tuesday, Marketbeat reports. The firm set a “buy” rating and a $30.00 price target on the biotechnology company’s stock. HC Wainwright’s price target points to a potential upside of 206.44% from the company’s previous close.

A number of other brokerages have also weighed in on ADVM. Mizuho decreased their target price on Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a research report on Monday. StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. Finally, Chardan Capital reaffirmed a “buy” rating and set a $4.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Adverum Biotechnologies Stock Performance

Shares of ADVM stock opened at $9.79 on Tuesday. 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 $203.14 million, a P/E ratio of -0.84 and a beta of 0.84. The stock has a 50 day moving average price of $14.78 and a 200 day moving average price of $12.05.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.80) by $0.50. As a group, sell-side analysts forecast that Adverum Biotechnologies will post -5.18 EPS for the current year.

Insider Activity

In related news, Director James Paul Scopa purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were acquired at an average cost of $13.50 per share, for a total transaction of $135,000.00. Following the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $135,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Apexium Financial LP purchased a new position in Adverum Biotechnologies during the 4th quarter worth $45,000. Monaco Asset Management SAM grew its stake in Adverum Biotechnologies by 33.8% during the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after buying an additional 20,000 shares during the last quarter. Twin Focus Capital Partners LLC purchased a new position in Adverum Biotechnologies during the 4th quarter worth $75,000. Assenagon Asset Management S.A. purchased a new position in Adverum Biotechnologies during the 1st quarter worth $5,072,000. Finally, Citigroup Inc. purchased a new position in Adverum Biotechnologies during the 3rd quarter worth $715,000. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

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.