Adverum Biotechnologies (NASDAQ:ADVM) Price Target Lowered to $33.00 at Chardan Capital

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) had its price target reduced by stock analysts at Chardan Capital from $40.00 to $33.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the biotechnology company's stock.

A number of other research analysts also recently issued reports on ADVM. StockNews.com downgraded Adverum Biotechnologies from a "hold" rating to a "sell" rating in a report on Thursday, December 19th. Royal Bank of Canada cut their price objective on Adverum Biotechnologies from $10.00 to $5.00 and set a "sector perform" rating for the company in a report on Wednesday, April 16th. Finally, HC Wainwright reissued a "buy" rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a report on Wednesday, April 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $25.83.

Adverum Biotechnologies Trading Up 8.6 %

ADVM traded up $0.24 during midday trading on Thursday, reaching $2.97. The company's stock had a trading volume of 408,928 shares, compared to its average volume of 181,629. The stock's 50-day moving average is $4.18 and its 200-day moving average is $5.32. Adverum Biotechnologies has a 1 year low of $2.71 and a 1 year high of $11.87. The firm has a market capitalization of $61.94 million, a price-to-earnings ratio of -0.49 and a beta of 1.10.

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

Insider Activity

In related news, major shareholder Braden Michael Leonard acquired 30,600 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $5.61 per share, for a total transaction of $171,666.00. Following the purchase, the insider now directly owns 2,722,761 shares of the company's stock, valued at $15,274,689.21. This trade represents a 1.14 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last 90 days, insiders have acquired 148,123 shares of company stock valued at $714,040. 4.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its holdings in shares of Adverum Biotechnologies by 177.0% during the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 2,649 shares during the period. State Street Corp grew its position 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 purchasing an additional 91,112 shares during the period. Barclays PLC grew its holdings in Adverum Biotechnologies by 125.8% during the third quarter. Barclays PLC now owns 35,832 shares of the biotechnology company's stock worth $252,000 after acquiring an additional 19,965 shares during the period. Grant GrossMendelsohn LLC increased its holdings in shares of Adverum Biotechnologies by 118.0% during the 4th quarter. Grant GrossMendelsohn LLC now owns 84,173 shares of the biotechnology company's stock valued at $393,000 after purchasing an additional 45,553 shares in the last quarter. Finally, Regeneron Pharmaceuticals Inc. purchased a new stake in Adverum Biotechnologies during the fourth quarter worth $845,000. 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.