Adverum Biotechnologies’ (ADVM) Buy Rating Reaffirmed at Chardan Capital

Chardan Capital reaffirmed their buy rating on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research note released on Monday morning, AnalystRatings.com reports. The firm currently has a $20.00 price target on the biotechnology company’s stock.

A number of other research analysts also recently issued reports on the stock. BidaskClub downgraded shares of Adverum Biotechnologies from a buy rating to a hold rating in a research note on Thursday, March 19th. Piper Jaffray Companies increased their price objective on shares of Adverum Biotechnologies from $14.00 to $20.00 and gave the company an overweight rating in a research report on Monday, January 13th. SunTrust Banks raised their price objective on shares of Adverum Biotechnologies to in a report on Tuesday, February 11th. Piper Sandler lifted their price objective on shares of Adverum Biotechnologies from to and gave the stock an overweight rating in a research report on Monday, January 13th. Finally, Zacks Investment Research downgraded shares of Adverum Biotechnologies from a buy rating to a hold rating in a research note on Thursday, March 19th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $17.25.

Shares of NASDAQ:ADVM opened at $12.09 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 9.06 and a quick ratio of 9.06. The firm has a market capitalization of $894.02 million, a PE ratio of -12.09 and a beta of 2.24. The firm’s 50-day moving average is $12.20 and its two-hundred day moving average is $9.94. Adverum Biotechnologies has a 1 year low of $4.20 and a 1 year high of $16.81.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Thursday, March 12th. The biotechnology company reported ($0.29) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.29). Analysts expect that Adverum Biotechnologies will post -1.08 EPS for the current fiscal year.

In other Adverum Biotechnologies news, Director Mehdi Gasmi sold 10,000 shares of the firm’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $15.07, for a total value of $150,700.00. Following the sale, the director now directly owns 321,418 shares in the company, valued at $4,843,769.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Leone D. Patterson sold 39,526 shares of the firm’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $10.17, for a total value of $401,979.42. Following the completion of the sale, the chief executive officer now owns 162,955 shares in the company, valued at $1,657,252.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,000 shares of company stock worth $557,429. 4.20% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of ADVM. Voloridge Investment Management LLC purchased a new position in shares of Adverum Biotechnologies during the third quarter worth about $632,000. California Public Employees Retirement System grew its holdings in shares of Adverum Biotechnologies by 167.5% during the third quarter. California Public Employees Retirement System now owns 134,046 shares of the biotechnology company’s stock worth $731,000 after purchasing an additional 83,939 shares during the last quarter. State Street Corp grew its holdings in shares of Adverum Biotechnologies by 219.5% during the third quarter. State Street Corp now owns 4,843,777 shares of the biotechnology company’s stock worth $26,399,000 after purchasing an additional 3,327,760 shares during the last quarter. Orbimed Advisors LLC grew its holdings in shares of Adverum Biotechnologies by 104.7% during the third quarter. Orbimed Advisors LLC now owns 4,012,969 shares of the biotechnology company’s stock worth $21,871,000 after purchasing an additional 2,052,769 shares during the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of Adverum Biotechnologies by 4.8% during the third quarter. California State Teachers Retirement System now owns 85,752 shares of the biotechnology company’s stock worth $467,000 after purchasing an additional 3,965 shares during the last quarter. Institutional investors own 75.49% of the company’s stock.

Adverum Biotechnologies Company Profile

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.

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Analyst Recommendations for Adverum Biotechnologies (NASDAQ:ADVM)

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