Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Given Average Recommendation of “Moderate Buy” by Brokerages

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has been given a consensus rating of “Moderate Buy” by the six analysts that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $27.83.

A number of equities analysts recently weighed in on the stock. StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. Finally, Royal Bank of Canada decreased their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th.

Adverum Biotechnologies Stock Down 5.5 %

NASDAQ:ADVM opened at $4.27 on Friday. Adverum Biotechnologies has a 52 week low of $4.23 and a 52 week high of $29.70. The stock’s fifty day moving average is $5.89 and its two-hundred day moving average is $6.85. The company has a market capitalization of $88.82 million, a P/E ratio of -0.71 and a beta of 0.96.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.50 million. Sell-side analysts anticipate that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BML Capital Management LLC boosted its stake in shares of Adverum Biotechnologies by 15.4% in the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after buying an additional 302,064 shares during the period. State Street Corp raised its holdings in Adverum Biotechnologies by 32.7% in the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after acquiring an additional 91,112 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Adverum Biotechnologies by 741.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after acquiring an additional 196,884 shares in the last quarter. Marshall Wace LLP increased its position in shares of Adverum Biotechnologies by 52.9% in the 2nd quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after purchasing an additional 70,768 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Adverum Biotechnologies by 2.4% in the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after purchasing an additional 3,169 shares in the last quarter. 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.