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 released on Thursday.

ADVM has been the topic of a number of other research reports. Mizuho cut their price objective on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating on the stock in a report on Monday, April 29th. Oppenheimer initiated coverage on Adverum Biotechnologies in a report on Tuesday, June 25th. They issued an outperform rating and a $25.00 price target for the company. HC Wainwright restated a buy rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. Chardan Capital upped their target price on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a buy rating in a research report on Thursday, July 18th. Finally, Royal Bank of Canada decreased their price target on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a sector perform rating for the company 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’s stock. Based on data from MarketBeat.com, Adverum Biotechnologies currently has a consensus rating of Moderate Buy and a consensus price target of $28.17.

Adverum Biotechnologies Stock Performance

ADVM stock opened at $6.82 on Thursday. The firm has a market cap of $141.56 million, a P/E ratio of -0.67 and a beta of 1.07. Adverum Biotechnologies has a 1 year low of $6.38 and a 1 year high of $29.70. The stock has a 50-day simple moving average of $7.35 and a 200-day simple moving average of $11.51.

Adverum Biotechnologies (NASDAQ:ADVM) last issued 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. On average, equities research analysts predict that Adverum Biotechnologies will post -5.5 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Braden Michael Leonard purchased 135,546 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were acquired at an average cost of $7.75 per share, with a total value of $1,050,481.50. Following the transaction, the insider now owns 2,101,546 shares in the company, valued at approximately $16,286,981.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Apexium Financial LP bought a new stake in Adverum Biotechnologies in the 4th quarter valued at about $45,000. Monaco Asset Management SAM boosted its position in shares of 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 buying an additional 20,000 shares during the period. Twin Focus Capital Partners LLC acquired a new position in shares of Adverum Biotechnologies during the fourth quarter worth approximately $75,000. Rhumbline Advisers grew its holdings in Adverum Biotechnologies by 10,419.1% in the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after buying an additional 30,528 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Adverum Biotechnologies in the 2nd quarter valued at approximately $443,000. 48.17% of the stock is 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.