Adverum Biotechnologies (NASDAQ:ADVM) PT Lowered to $40.00 at Truist Financial

Adverum Biotechnologies (NASDAQ:ADVM) had its price objective trimmed by Truist Financial from $60.00 to $40.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

Several other research analysts have also commented on ADVM. StockNews.com lowered Adverum Biotechnologies from a hold rating to a sell rating in a report on Wednesday, August 7th. Oppenheimer assumed coverage on shares of Adverum Biotechnologies in a research note on Tuesday, June 25th. They issued an outperform rating and a $25.00 price target for the company. Royal Bank of Canada lowered their price objective on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a sector perform rating on the stock in a research report on Tuesday. Chardan Capital lifted their price objective on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a buy rating in a report on Thursday, July 18th. Finally, Mizuho reduced their target price on Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating on the stock in a research note on Monday, April 29th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Adverum Biotechnologies currently has a consensus rating of Moderate Buy and an average price target of $28.17.

Adverum Biotechnologies Price Performance

Shares of NASDAQ:ADVM opened at $6.82 on Wednesday. The firm has a fifty day moving average price of $7.35 and a two-hundred day moving average price of $11.50. The company has a market cap of $141.56 million, a price-to-earnings ratio of -0.67 and a beta of 1.07. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last posted 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. Equities research analysts expect that Adverum Biotechnologies will post -5.5 EPS for the current fiscal year.

Insider Buying and Selling at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard bought 85,800 shares of the company’s stock in a transaction dated Tuesday, July 30th. The stock was bought at an average cost of $7.15 per share, for a total transaction of $613,470.00. Following the completion of the acquisition, the insider now owns 2,268,064 shares in the company, valued at approximately $16,216,657.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers lifted its position in Adverum Biotechnologies by 10,419.1% during the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after buying an additional 30,528 shares during the period. Apexium Financial LP bought a new position in shares of Adverum Biotechnologies in the 4th quarter worth about $45,000. Bank of New York Mellon Corp purchased a new position in Adverum Biotechnologies during the 2nd quarter valued at about $443,000. Monaco Asset Management SAM boosted its stake in Adverum Biotechnologies by 33.8% during the fourth quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after acquiring an additional 20,000 shares in the last quarter. Finally, Twin Focus Capital Partners LLC bought a new stake in Adverum Biotechnologies during the fourth quarter worth about $75,000. Hedge funds and other institutional investors own 48.17% of the company’s stock.

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.