Adverum Biotechnologies (NASDAQ:ADVM) Upgraded at StockNews.com

StockNews.com upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a sell rating to a hold rating in a report issued on Tuesday morning.

Other equities analysts have also issued reports about the company. Oppenheimer began coverage on Adverum Biotechnologies in a research report on Tuesday, June 25th. They set an outperform rating and a $25.00 target price on the stock. HC Wainwright reaffirmed a buy rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Friday, May 10th. Truist Financial reaffirmed a buy rating and set a $60.00 target price on shares of Adverum Biotechnologies in a research report on Wednesday, May 15th. Chardan Capital upped 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. Finally, Mizuho lowered their target price on Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating on the stock in a research report on Monday, April 29th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $35.40.

Adverum Biotechnologies Stock Performance

Shares of ADVM opened at $7.57 on Tuesday. Adverum Biotechnologies has a 52-week low of $6.38 and a 52-week high of $29.70. The business’s 50 day moving average price is $7.56 and its two-hundred day moving average price is $11.66. The firm has a market cap of $157.15 million, a PE ratio of -0.74 and a beta of 1.07.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($1.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.28) by ($0.22). Research analysts predict that Adverum Biotechnologies will post -5.5 EPS for the current fiscal year.

Insider Activity at Adverum Biotechnologies

In related news, major shareholder Braden Michael Leonard purchased 85,800 shares of the stock in a transaction that occurred on Tuesday, July 30th. The stock was acquired at an average cost of $7.15 per share, with a total value of $613,470.00. Following the transaction, the insider now owns 2,268,064 shares of the company’s stock, valued at approximately $16,216,657.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Picton Mahoney Asset Management bought a new position in Adverum Biotechnologies in the 1st quarter valued at $1,755,000. Rhumbline Advisers grew 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 during the period. Bank of New York Mellon Corp bought a new position in Adverum Biotechnologies in the 2nd quarter valued at $443,000. Assenagon Asset Management S.A. grew its stake in Adverum Biotechnologies by 72.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock valued at $4,239,000 after purchasing an additional 259,191 shares during the period. Finally, Avoro Capital Advisors LLC bought a new position in Adverum Biotechnologies in the 1st quarter valued at $5,892,000. 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.