Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Given Average Rating of "Moderate Buy" by Brokerages

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the six ratings firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $27.83.

ADVM has been the subject of a number of recent research reports. Truist Financial lowered their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, August 14th. Royal Bank of Canada reduced their target price on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a "sector perform" rating on the stock in a research report on Tuesday, November 5th. StockNews.com lowered shares of Adverum Biotechnologies from a "hold" rating to a "sell" rating in a report on Wednesday, November 6th. Finally, HC Wainwright reiterated a "buy" rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, August 13th.

Adverum Biotechnologies Stock Performance

ADVM traded down $0.39 on Friday, reaching $6.86. 233,912 shares of the company's stock were exchanged, compared to its average volume of 275,363. Adverum Biotechnologies has a twelve month low of $6.38 and a twelve month high of $29.70. The company's 50 day moving average is $7.49 and its 200-day moving average is $7.61. The company has a market cap of $142.69 million, a price-to-earnings ratio of -1.15 and a beta of 1.02.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last posted 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 company had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.50 million. Sell-side analysts forecast that Adverum Biotechnologies will post -4.92 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ADVM. Avoro Capital Advisors LLC acquired a new stake in shares of Adverum Biotechnologies during the 1st quarter valued at approximately $5,892,000. BML Capital Management LLC lifted its position in shares of Adverum Biotechnologies by 15.4% in the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company's stock worth $15,922,000 after buying an additional 302,064 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Adverum Biotechnologies by 72.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company's stock valued at $4,239,000 after buying an additional 259,191 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Adverum Biotechnologies by 741.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company's stock valued at $1,533,000 after buying an additional 196,884 shares during the period. Finally, State Street Corp grew its position in shares of Adverum Biotechnologies by 32.7% during the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company's stock valued at $2,595,000 after buying an additional 91,112 shares during the last quarter. 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.