Adverum Biotechnologies (NASDAQ:ADVM) Earns “Buy” Rating from Truist Financial

Truist Financial reissued their buy rating on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a report published on Wednesday morning, Benzinga reports. They currently have a $60.00 target price on the biotechnology company’s stock.

A number of other analysts have also commented on ADVM. StockNews.com lowered shares of Adverum Biotechnologies from a hold rating to a sell rating in a research note on Wednesday, May 1st. Mizuho lowered their target price on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating on the stock in a report on Monday, April 29th. HC Wainwright reiterated a buy rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Friday, May 10th. Finally, Chardan Capital reissued a buy rating and issued a $4.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, March 19th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $29.00.

Adverum Biotechnologies Price Performance

Shares of ADVM opened at $8.04 on Wednesday. Adverum Biotechnologies has a one year low of $7.40 and a one year high of $29.70. The company has a market cap of $166.91 million, a PE ratio of -0.79 and a beta of 0.89. The stock has a 50-day moving average of $12.35 and a 200-day moving average of $12.03.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Monday, March 18th. The biotechnology company reported ($2.30) EPS for the quarter, beating analysts’ consensus estimates of ($2.80) by $0.50. Analysts expect that Adverum Biotechnologies will post -5.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BML Capital Management LLC increased its position in shares of Adverum Biotechnologies by 16.3% during the fourth quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock valued at $3,428,000 after acquiring an additional 639,252 shares during the last quarter. AIGH Capital Management LLC raised its stake in shares of Adverum Biotechnologies by 139.6% during the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after purchasing an additional 1,848,834 shares during the period. Vivo Capital LLC purchased a new position in shares of Adverum Biotechnologies in the 1st quarter worth about $21,210,000. Newtyn Management LLC grew its position 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 valued at $1,538,000 after buying an additional 25,000 shares during the period. Finally, Worth Venture Partners LLC raised its position in Adverum Biotechnologies by 136.5% in the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after acquiring an additional 452,678 shares during the period. 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.