Adverum Biotechnologies (NASDAQ:ADVM) Receives Buy Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Adverum Biotechnologies (NASDAQ:ADVM - Free Report) in a report issued on Tuesday morning,Benzinga reports. They currently have a $30.00 price target on the biotechnology company's stock.

A number of other research analysts also recently issued reports on the stock. Royal Bank of Canada dropped their target price 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. StockNews.com cut shares of Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research report on Wednesday, November 6th. Finally, Truist Financial decreased their target price 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $27.83.

Adverum Biotechnologies Price Performance

Shares of Adverum Biotechnologies stock traded down $0.57 during trading on Tuesday, hitting $6.28. The company's stock had a trading volume of 557,056 shares, compared to its average volume of 277,238. The stock has a market cap of $130.62 million, a price-to-earnings ratio of -1.05 and a beta of 1.02. Adverum Biotechnologies has a 52 week low of $6.14 and a 52 week high of $29.70. The stock has a 50-day moving average price of $7.48 and a two-hundred day moving average price of $7.56.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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, equities analysts predict that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of institutional investors and hedge funds have recently made changes to their positions in ADVM. Barclays PLC increased its holdings in Adverum Biotechnologies by 125.8% during the 3rd quarter. Barclays PLC now owns 35,832 shares of the biotechnology company's stock worth $252,000 after purchasing an additional 19,965 shares in the last quarter. Zacks Investment Management purchased a new stake in Adverum Biotechnologies in the 3rd quarter valued at $89,000. State Street Corp boosted its holdings in 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 last quarter. Captrust Financial Advisors bought a new stake in shares of Adverum Biotechnologies in the 3rd quarter worth $71,000. Finally, MetLife Investment Management LLC raised its holdings in shares of Adverum Biotechnologies by 129.1% in the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company's stock valued at $88,000 after purchasing an additional 7,089 shares during the last quarter. Institutional investors and hedge funds 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.