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

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) has been given an average recommendation of "Moderate Buy" by the six research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $25.83.

A number of research analysts have issued reports on ADVM shares. Royal Bank of Canada dropped their target price on shares of Adverum Biotechnologies from $10.00 to $5.00 and set a "sector perform" rating for the company in a report on Wednesday, April 16th. HC Wainwright reaffirmed a "buy" rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Wednesday, April 16th. Finally, Chardan Capital reduced their price objective on Adverum Biotechnologies from $40.00 to $33.00 and set a "buy" rating for the company in a report on Thursday.

Adverum Biotechnologies Trading Down 1.0 %

Shares of ADVM traded down $0.03 during mid-day trading on Wednesday, hitting $2.90. The company's stock had a trading volume of 132,551 shares, compared to its average volume of 257,035. The firm has a 50-day simple moving average of $4.21 and a 200 day simple moving average of $5.35. Adverum Biotechnologies has a 1-year low of $2.75 and a 1-year high of $11.87. The firm has a market capitalization of $60.33 million, a P/E ratio of -0.48 and a beta of 1.10.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last issued its earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) EPS for the quarter, missing the consensus estimate of ($1.34) by ($0.62). As a group, sell-side analysts predict that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Insider Transactions at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard bought 15,209 shares of the stock in a transaction on Wednesday, April 2nd. The stock was purchased at an average cost of $4.04 per share, with a total value of $61,444.36. Following the purchase, the insider now owns 2,757,526 shares of the company's stock, valued at approximately $11,140,405.04. The trade was a 0.55 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders purchased a total of 148,123 shares of company stock valued at $714,040 over the last three months. 4.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Principia Wealth Advisory LLC boosted its stake in Adverum Biotechnologies by 27.5% in the 1st quarter. Principia Wealth Advisory LLC now owns 1,696,815 shares of the biotechnology company's stock worth $7,415,000 after buying an additional 366,155 shares during the last quarter. Regeneron Pharmaceuticals Inc. purchased a new stake in Adverum Biotechnologies in the fourth quarter valued at approximately $845,000. Dimensional Fund Advisors LP raised its stake in Adverum Biotechnologies by 50.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company's stock worth $1,452,000 after purchasing an additional 104,262 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Adverum Biotechnologies by 249.6% in the 4th quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company's stock valued at $605,000 after purchasing an additional 92,533 shares during the last quarter. Finally, State Street Corp grew its stake 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 period. Hedge funds and other institutional investors own 48.17% of the company's stock.

Adverum Biotechnologies Company Profile

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.