Adverum Biotechnologies (NASDAQ:ADVM) Price Target Lowered to $5.00 at Royal Bank of Canada

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) had its price target reduced by research analysts at Royal Bank of Canada from $10.00 to $5.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "sector perform" rating on the biotechnology company's stock. Royal Bank of Canada's price objective would indicate a potential upside of 83.15% from the stock's current price.

Several other equities research analysts have also commented on the stock. StockNews.com lowered shares of Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research report on Thursday, December 19th. HC Wainwright restated a "buy" rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $25.83.

Adverum Biotechnologies Trading Down 6.8 %

ADVM stock traded down $0.20 on Wednesday, hitting $2.73. The company had a trading volume of 324,038 shares, compared to its average volume of 257,774. Adverum Biotechnologies has a 12-month low of $2.72 and a 12-month high of $11.87. The stock has a market cap of $56.79 million, a price-to-earnings ratio of -0.46 and a beta of 1.10. The stock's 50-day simple moving average is $4.21 and its 200 day simple moving average is $5.35.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last released its quarterly earnings results 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). Research analysts forecast that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Insider Activity

In related news, major shareholder Braden Michael Leonard acquired 30,600 shares of the company's stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $5.61 per share, with a total value of $171,666.00. Following the acquisition, the insider now directly owns 2,722,761 shares of the company's stock, valued at approximately $15,274,689.21. This trade represents a 1.14 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders have acquired 148,123 shares of company stock worth $714,040 over the last ninety days. Corporate insiders own 4.20% of the company's stock.

Institutional Trading of Adverum Biotechnologies

Hedge funds have recently modified their holdings of the company. Principia Wealth Advisory LLC raised its stake in Adverum Biotechnologies by 27.5% during the first quarter. Principia Wealth Advisory LLC now owns 1,696,815 shares of the biotechnology company's stock valued at $7,415,000 after purchasing an additional 366,155 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Adverum Biotechnologies by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company's stock valued at $2,067,000 after acquiring an additional 3,434 shares during the last quarter. State Street Corp grew its position in Adverum Biotechnologies by 32.7% in the third 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 in the last quarter. Dimensional Fund Advisors LP raised its position in Adverum Biotechnologies by 50.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company's stock valued at $1,452,000 after purchasing an additional 104,262 shares during the period. Finally, Regeneron Pharmaceuticals Inc. purchased a new stake in Adverum Biotechnologies during the fourth quarter valued at approximately $845,000. 48.17% of the stock is owned by hedge funds and other institutional investors.

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.