Adverum Biotechnologies' (ADVM) Buy Rating Reaffirmed at HC Wainwright

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report)'s stock had its "buy" rating reiterated by stock analysts at HC Wainwright in a report issued on Wednesday,Benzinga reports. They currently have a $30.00 price objective on the biotechnology company's stock.

Separately, StockNews.com lowered Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, Adverum Biotechnologies currently has an average rating of "Moderate Buy" and a consensus target price of $25.83.

Adverum Biotechnologies Trading Down 1.0 %

Shares of NASDAQ:ADVM traded down $0.03 during mid-day trading on Wednesday, reaching $2.90. The 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 two-hundred day simple moving average of $5.35. Adverum Biotechnologies has a twelve month low of $2.75 and a twelve month high of $11.87. The firm has a market cap of $60.33 million, a PE ratio of -0.48 and a beta of 1.10.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share for the quarter, missing analysts' consensus estimates of ($1.34) by ($0.62). On average, equities analysts anticipate that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Insider Activity

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard purchased 30,600 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $5.61 per share, with a total value of $171,666.00. Following the completion of the transaction, the insider now owns 2,722,761 shares in the company, valued at $15,274,689.21. The trade was a 1.14 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have bought 148,123 shares of company stock valued at $714,040. 4.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Principia Wealth Advisory LLC increased its position in shares of Adverum Biotechnologies by 27.5% in the first quarter. Principia Wealth Advisory LLC now owns 1,696,815 shares of the biotechnology company's stock worth $7,415,000 after purchasing an additional 366,155 shares during the period. Regeneron Pharmaceuticals Inc. acquired a new stake in Adverum Biotechnologies during the fourth quarter worth about $845,000. Dimensional Fund Advisors LP increased its holdings in Adverum Biotechnologies by 50.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company's stock valued at $1,452,000 after buying an additional 104,262 shares during the period. Renaissance Technologies LLC raised its position 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 buying an additional 92,533 shares in the last quarter. Finally, State Street Corp lifted its holdings 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 worth $2,595,000 after acquiring an additional 91,112 shares during the period. 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.