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

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) have earned a consensus rating of "Moderate Buy" from the six brokerages that are covering the company, Marketbeat reports. One analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $27.83.

ADVM has been the topic of several research reports. StockNews.com cut shares of Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research report on Tuesday, November 19th. HC Wainwright reissued a "buy" rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. Truist Financial reduced their price target on Adverum Biotechnologies from $60.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, August 14th. Finally, Royal Bank of Canada reduced their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a "sector perform" rating for the company in a research note on Tuesday, November 5th.

Hedge Funds Weigh In On Adverum Biotechnologies

Hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets increased its holdings in shares of Adverum Biotechnologies by 177.0% in the third 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 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 valued at $935,000 after buying an additional 3,169 shares during the last quarter. MetLife Investment Management LLC increased its holdings in Adverum Biotechnologies by 129.1% in 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 period. Captrust Financial Advisors purchased a new position in Adverum Biotechnologies during the 3rd quarter worth approximately $71,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Adverum Biotechnologies in the third quarter worth $74,000. 48.17% of the stock is owned by institutional investors and hedge funds.

Adverum Biotechnologies Trading Up 1.5 %

Shares of ADVM traded up $0.09 during trading hours on Wednesday, reaching $5.98. 166,607 shares of the stock traded hands, compared to its average volume of 277,203. Adverum Biotechnologies has a 52-week low of $5.63 and a 52-week high of $29.70. The company has a market cap of $124.38 million, a P/E ratio of -0.98 and a beta of 0.91. The company's 50-day moving average price is $7.22 and its two-hundred day moving average price is $7.26.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last released its quarterly earnings data 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 analysts' expectations of $0.50 million. On average, research analysts forecast that Adverum Biotechnologies will post -4.92 EPS for the current year.

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.