Adverum Biotechnologies (NASDAQ:ADVM) Receives “Buy” Rating from HC Wainwright

Adverum Biotechnologies (NASDAQ:ADVM)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They presently have a $30.00 target price on the biotechnology company’s stock. HC Wainwright’s price objective suggests a potential upside of 337.96% from the stock’s current price.

ADVM has been the subject of a number of other reports. Truist Financial decreased their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Finally, Royal Bank of Canada decreased their price objective on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a report on Tuesday, November 5th. 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. According to MarketBeat.com, Adverum Biotechnologies presently has a consensus rating of “Moderate Buy” and an average price target of $27.83.

Adverum Biotechnologies Price Performance

Shares of Adverum Biotechnologies stock opened at $6.85 on Tuesday. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70. The firm has a market capitalization of $142.48 million, a price-to-earnings ratio of -1.14 and a beta of 1.02. The business has a 50-day simple moving average of $7.49 and a 200 day simple moving average of $7.58.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) EPS for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The company had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.50 million. On average, sell-side analysts expect that Adverum Biotechnologies will post -4.92 EPS for the current year.

Hedge Funds Weigh In On Adverum Biotechnologies

Several institutional investors have recently bought and sold shares of ADVM. BNP Paribas Financial Markets lifted its stake in Adverum Biotechnologies by 177.0% in the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 2,649 shares during the last quarter. Captrust Financial Advisors purchased a new position in Adverum Biotechnologies in the third quarter valued at approximately $71,000. SG Americas Securities LLC purchased a new position in Adverum Biotechnologies in the third quarter valued at approximately $74,000. MetLife Investment Management LLC lifted its stake in Adverum Biotechnologies by 129.1% in the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after purchasing an additional 7,089 shares during the last quarter. Finally, Zacks Investment Management bought a new stake in Adverum Biotechnologies during the 3rd quarter valued at $89,000. 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.