Brokerages Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Price Target at $27.83

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has earned an average rating of “Moderate Buy” from the six ratings firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $27.83.

Several equities analysts have issued reports on the stock. Royal Bank of Canada dropped their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th. Truist Financial dropped their price target on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. StockNews.com downgraded shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, HC Wainwright reiterated a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its stake in Adverum Biotechnologies by 177.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 2,649 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of 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 in the last quarter. MetLife Investment Management LLC raised its stake in shares of Adverum Biotechnologies by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after buying an additional 7,089 shares during the last quarter. Captrust Financial Advisors purchased a new stake in shares of Adverum Biotechnologies in the 3rd quarter worth about $71,000. Finally, SG Americas Securities LLC acquired a new stake in Adverum Biotechnologies in the 3rd quarter valued at about $74,000. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Adverum Biotechnologies Stock Up 5.0 %

NASDAQ ADVM opened at $6.04 on Friday. The firm has a market cap of $125.64 million, a P/E ratio of -0.97 and a beta of 1.02. Adverum Biotechnologies has a 52-week low of $5.69 and a 52-week high of $29.70. The business’s 50-day moving average price is $7.42 and its 200 day moving average price is $7.51.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The business had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. As a group, analysts anticipate that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

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.