Brokerages Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Target Price at $28.17

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) have been given an average rating of “Moderate Buy” by the six brokerages that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $28.17.

ADVM has been the topic of a number of recent analyst reports. StockNews.com upgraded Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Thursday, August 15th. Truist Financial reduced their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Oppenheimer initiated coverage on shares of Adverum Biotechnologies in a report on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 price target on the stock. Royal Bank of Canada reduced their price objective on Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating for the company in a report on Tuesday, August 13th. Finally, Chardan Capital raised 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.

Adverum Biotechnologies Stock Performance

Shares of ADVM stock opened at $6.76 on Monday. The company has a market capitalization of $140.32 million, a price-to-earnings ratio of -0.66 and a beta of 1.07. Adverum Biotechnologies has a 52-week low of $6.38 and a 52-week high of $29.70. The company has a 50-day simple moving average of $7.32 and a two-hundred day simple moving average of $10.28.

Adverum Biotechnologies (NASDAQ:ADVM) last released its earnings results 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, sell-side analysts forecast that Adverum Biotechnologies will post -4.64 EPS for the current fiscal year.

Insider Buying and Selling at Adverum Biotechnologies

In related news, major shareholder Braden Michael Leonard acquired 135,546 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were acquired at an average price of $7.75 per share, with a total value of $1,050,481.50. Following the acquisition, the insider now owns 2,101,546 shares of the company’s stock, valued at approximately $16,286,981.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.20% of the company’s stock.

Institutional Trading of Adverum Biotechnologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. AIGH Capital Management LLC increased its stake in Adverum Biotechnologies by 139.6% in the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after acquiring an additional 1,848,834 shares during the last quarter. Worth Venture Partners LLC increased its position in shares of Adverum Biotechnologies by 136.5% in the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after purchasing an additional 452,678 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Adverum Biotechnologies by 72.3% in the second 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 in the last quarter. Avoro Capital Advisors LLC bought a new stake in Adverum Biotechnologies during the first quarter valued at approximately $5,892,000. Finally, Dimensional Fund Advisors LP grew its stake in Adverum Biotechnologies by 741.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after buying an additional 196,884 shares in the last quarter. 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.