Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives $27.83 Average Target Price from Analysts

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the six research firms that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $27.83.

A number of equities analysts have recently weighed in on the company. Royal Bank of Canada lowered their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a "sector perform" rating for the company in a report on Tuesday, November 5th. StockNews.com cut Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research note on Thursday, December 19th. Finally, HC Wainwright reiterated a "buy" rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, November 19th.

Adverum Biotechnologies Stock Up 4.8 %

Shares of ADVM stock traded up $0.21 during mid-day trading on Thursday, hitting $4.57. 79,034 shares of the stock were exchanged, compared to its average volume of 169,545. The company has a market cap of $95.06 million, a PE ratio of -0.76 and a beta of 0.96. The firm has a fifty day moving average of $5.13 and a 200 day moving average of $6.59. Adverum Biotechnologies has a 52-week low of $4.01 and a 52-week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last announced its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The firm had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.50 million. Equities analysts predict that Adverum Biotechnologies will post -4.92 EPS for the current year.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of hedge funds and other institutional investors have recently modified their holdings of ADVM. Grant GrossMendelsohn LLC raised its stake in Adverum Biotechnologies by 118.0% in the fourth quarter. Grant GrossMendelsohn LLC now owns 84,173 shares of the biotechnology company's stock valued at $393,000 after buying an additional 45,553 shares in the last quarter. Barclays PLC raised its position in Adverum Biotechnologies by 125.8% in the 3rd quarter. Barclays PLC now owns 35,832 shares of the biotechnology company's stock valued at $252,000 after purchasing an additional 19,965 shares during the last quarter. Zacks Investment Management acquired a new position in shares of Adverum Biotechnologies in the third quarter valued at approximately $89,000. State Street Corp boosted its holdings in shares of Adverum Biotechnologies by 32.7% in the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company's stock valued at $2,595,000 after acquiring an additional 91,112 shares in the last quarter. Finally, Captrust Financial Advisors purchased a new stake in Adverum Biotechnologies in the 3rd quarter valued at approximately $71,000. 48.17% of the stock is currently 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.