Adverum Biotechnologies’ (ADVM) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research note released on Thursday,Benzinga reports. HC Wainwright currently has a $30.00 price target on the biotechnology company’s stock.

Other equities research analysts have also recently issued reports about the company. Chardan Capital lowered their target price on Adverum Biotechnologies from $40.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Royal Bank of Canada lowered their price objective on shares of Adverum Biotechnologies from $10.00 to $5.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Adverum Biotechnologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.40.

Adverum Biotechnologies Stock Performance

NASDAQ:ADVM opened at $2.05 on Thursday. The firm has a market cap of $42.83 million, a price-to-earnings ratio of -0.34 and a beta of 1.03. Adverum Biotechnologies has a 52 week low of $1.78 and a 52 week high of $10.14. The firm has a 50-day moving average price of $3.69 and a two-hundred day moving average price of $4.74.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) EPS for the quarter, missing analysts’ consensus estimates of ($1.34) by ($0.62). As a group, sell-side analysts forecast that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Insider Activity

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard purchased 62,341 shares of the stock in a transaction dated Tuesday, March 18th. The shares were bought at an average price of $4.69 per share, with a total value of $292,379.29. Following the completion of the transaction, the insider now directly owns 2,667,161 shares in the company, valued at approximately $12,508,985.09. This trade represents a 2.39% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought 198,123 shares of company stock valued at $863,040 in the last 90 days. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Regeneron Pharmaceuticals Inc. bought a new stake in Adverum Biotechnologies during the 4th quarter valued at $845,000. Barclays PLC grew its position in shares of Adverum Biotechnologies by 125.8% in the third quarter. Barclays PLC now owns 35,832 shares of the biotechnology company’s stock valued at $252,000 after purchasing an additional 19,965 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Adverum Biotechnologies by 128.5% during the 4th quarter. Marshall Wace LLP now owns 98,027 shares of the biotechnology company’s stock valued at $458,000 after purchasing an additional 55,130 shares during the period. Geode Capital Management LLC lifted its holdings in Adverum Biotechnologies by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock worth $2,067,000 after purchasing an additional 3,434 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Adverum Biotechnologies by 226.6% during the 4th quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company’s stock worth $143,000 after purchasing an additional 21,274 shares in the last quarter. 48.17% of the stock is owned by institutional investors.

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.