Adverum Biotechnologies (NASDAQ:ADVM) Price Target Cut to $10.00 by Analysts at Royal Bank of Canada

Adverum Biotechnologies (NASDAQ:ADVM - Free Report) had its price target lowered by Royal Bank of Canada from $12.00 to $10.00 in a research report report published on Tuesday, Benzinga reports. The firm currently has a sector perform rating on the biotechnology company's stock.

A number of other equities analysts have also weighed in on ADVM. Chardan Capital boosted their target price on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, July 18th. StockNews.com upgraded Adverum Biotechnologies from a "sell" rating to a "hold" rating in a research note on Thursday, August 15th. Truist Financial lowered 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. Finally, HC Wainwright reiterated a "buy" rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $27.83.

Adverum Biotechnologies Price Performance

NASDAQ:ADVM traded up $0.18 on Tuesday, reaching $7.72. 102,781 shares of the company's stock were exchanged, compared to its average volume of 279,407. The stock has a fifty day simple moving average of $7.35 and a 200-day simple moving average of $7.74. Adverum Biotechnologies has a 52 week low of $6.38 and a 52 week high of $29.70. The firm has a market cap of $160.58 million, a price-to-earnings ratio of -0.95 and a beta of 1.02.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) EPS for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The business had revenue of $1.00 million for the quarter, compared to analysts' expectations of $0.50 million. As a group, sell-side analysts predict that Adverum Biotechnologies will post -4.64 EPS for the current year.

Institutional Trading of Adverum Biotechnologies

Several large investors have recently added to or reduced their stakes in ADVM. BML Capital Management LLC raised its holdings in Adverum Biotechnologies by 15.4% in the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company's stock worth $15,922,000 after purchasing an additional 302,064 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Adverum Biotechnologies in the third quarter valued at approximately $74,000. Squarepoint Ops LLC lifted its stake 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. Marshall Wace LLP lifted its stake in Adverum Biotechnologies by 52.9% during the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company's stock worth $1,404,000 after purchasing an additional 70,768 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company's stock worth $935,000 after purchasing an additional 3,169 shares in the last quarter. Hedge funds and other institutional investors own 48.17% of the company's stock.

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.