Brokerages Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Target Price at $28.17

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the six analysts that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $28.17.

ADVM has been the subject of several recent research reports. Royal Bank of Canada cut their target price on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a "sector perform" rating for the company in a research note on Tuesday, August 13th. Truist Financial cut their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, August 14th. Chardan Capital upped their price target on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, July 18th. Oppenheimer initiated coverage on shares of Adverum Biotechnologies in a research report on Tuesday, June 25th. They issued an "outperform" rating and a $25.00 price target for the company. Finally, HC Wainwright restated a "buy" rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th.

Insider Buying and Selling at Adverum Biotechnologies

In related news, major shareholder Braden Michael Leonard acquired 85,800 shares of the company's stock in a transaction on Tuesday, July 30th. The shares were purchased at an average price of $7.15 per share, for a total transaction of $613,470.00. Following the purchase, the insider now owns 2,268,064 shares in the company, valued at $16,216,657.60. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Avoro Capital Advisors LLC acquired a new position in shares of Adverum Biotechnologies during the 1st quarter worth $5,892,000. Assenagon Asset Management S.A. increased its stake in shares of Adverum Biotechnologies by 72.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company's stock worth $4,239,000 after purchasing an additional 259,191 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Adverum Biotechnologies by 741.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company's stock worth $1,533,000 after purchasing an additional 196,884 shares during the last quarter. Picton Mahoney Asset Management acquired a new position in shares of Adverum Biotechnologies during the 1st quarter worth $1,755,000. Finally, Twin Focus Capital Partners LLC acquired a new position in shares of Adverum Biotechnologies during the 4th quarter worth $75,000. Institutional investors and hedge funds own 48.17% of the company's stock.

Adverum Biotechnologies Trading Up 3.6 %

ADVM stock traded up $0.24 on Friday, hitting $6.85. 9,821 shares of the company's stock traded hands, compared to its average volume of 289,248. Adverum Biotechnologies has a 1-year low of $6.38 and a 1-year high of $29.70. The stock has a market cap of $142.19 million, a price-to-earnings ratio of -0.67 and a beta of 1.03. The stock has a fifty day moving average of $7.12 and a 200-day moving average of $9.07.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last released its earnings results on Monday, August 12th. The biotechnology company reported ($0.89) EPS for the quarter, beating the consensus estimate of ($1.47) by $0.58. On average, equities research analysts anticipate that Adverum Biotechnologies will post -4.64 earnings per share for the current fiscal 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.