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

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) have received an average rating of "Moderate Buy" from the six research firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $28.17.

ADVM has been the topic of several research analyst reports. Truist Financial cut their price target on Adverum Biotechnologies from $60.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, August 14th. StockNews.com upgraded shares of Adverum Biotechnologies from a "sell" rating to a "hold" rating in a research report on Thursday, August 15th. HC Wainwright reissued a "buy" rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Chardan Capital lifted their price objective on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, July 18th. Finally, Oppenheimer initiated coverage on shares of Adverum Biotechnologies in a research note on Tuesday, June 25th. They set an "outperform" rating and a $25.00 target price for the company.

Adverum Biotechnologies Price Performance

Shares of NASDAQ:ADVM traded down $0.12 during trading on Tuesday, hitting $8.14. 183,046 shares of the company were exchanged, compared to its average volume of 285,936. The firm's 50 day moving average price is $7.21 and its 200-day moving average price is $7.99. The stock has a market capitalization of $168.96 million, a P/E ratio of -0.80 and a beta of 1.04. Adverum Biotechnologies has a 12-month low of $6.38 and a 12-month high of $29.70.

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

Insider Activity

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard acquired 85,800 shares of the company's stock in a transaction that occurred on Tuesday, July 30th. The shares were purchased at an average price of $7.15 per share, with a total value of $613,470.00. Following the completion of the acquisition, the insider now directly owns 2,268,064 shares of the company's stock, valued at approximately $16,216,657.60. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new stake in shares of Adverum Biotechnologies during the 3rd quarter valued at approximately $74,000. Rhumbline Advisers increased its stake in Adverum Biotechnologies by 10,419.1% in the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company's stock valued at $211,000 after purchasing an additional 30,528 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Adverum Biotechnologies during the second quarter worth $443,000. Squarepoint Ops LLC boosted its position in Adverum Biotechnologies by 301.1% during the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company's stock worth $748,000 after purchasing an additional 81,808 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in Adverum Biotechnologies by 2.4% in the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company's stock valued at $935,000 after acquiring an additional 3,169 shares during the last quarter. 48.17% of the stock is currently owned by institutional investors and hedge funds.

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.