Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Given Consensus Recommendation of "Moderate Buy" by Analysts

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) has earned a consensus rating 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 brokers that have covered the stock in the last year is $27.83.

ADVM has been the topic of several research reports. StockNews.com downgraded shares of Adverum Biotechnologies from a "hold" rating to a "sell" rating in a report on Thursday, December 19th. HC Wainwright restated a "buy" rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Finally, Royal Bank of Canada dropped their price target 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.

Adverum Biotechnologies Price Performance

Shares of ADVM traded up $0.21 during trading hours on Friday, hitting $5.01. The stock had a trading volume of 156,211 shares, compared to its average volume of 172,905. Adverum Biotechnologies has a 1-year low of $4.42 and a 1-year high of $29.70. The firm has a market capitalization of $104.22 million, a P/E ratio of -0.84 and a beta of 0.96. The firm has a 50 day simple moving average of $6.20 and a 200-day simple moving average of $6.92.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in shares of Adverum Biotechnologies during the 2nd quarter worth approximately $443,000. Rhumbline Advisers increased its position in shares of Adverum Biotechnologies by 10,419.1% during the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company's stock valued at $211,000 after acquiring an additional 30,528 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Adverum Biotechnologies by 741.8% during the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company's stock worth $1,533,000 after acquiring an additional 196,884 shares during the period. Renaissance Technologies LLC boosted its position in Adverum Biotechnologies by 2.4% in the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company's stock worth $935,000 after purchasing an additional 3,169 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in Adverum Biotechnologies by 52.9% in the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company's stock worth $1,404,000 after purchasing an additional 70,768 shares during the last quarter. 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.