Royal Bank of Canada Issues Pessimistic Forecast for Adverum Biotechnologies (NASDAQ:ADVM) Stock Price

Adverum Biotechnologies (NASDAQ:ADVM) had its price target reduced by Royal Bank of Canada from $10.00 to $5.00 in a research note released on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the biotechnology company’s stock.

A number of other analysts have also weighed in on the stock. StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research note on Wednesday. One research 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 data from MarketBeat.com, Adverum Biotechnologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.

Adverum Biotechnologies Stock Down 7.7 %

Shares of ADVM stock opened at $2.98 on Wednesday. The business has a fifty day simple moving average of $4.26 and a 200 day simple moving average of $5.43. The company has a market cap of $61.99 million, a P/E ratio of -0.50 and a beta of 1.10. Adverum Biotechnologies has a twelve month low of $2.89 and a twelve month high of $11.87.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its 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, equities research analysts anticipate that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Braden Michael Leonard purchased 15,209 shares of Adverum Biotechnologies stock in a transaction on Wednesday, April 2nd. The shares were purchased at an average price of $4.04 per share, for a total transaction of $61,444.36. Following the transaction, the insider now owns 2,757,526 shares of the company’s stock, valued at approximately $11,140,405.04. This represents a 0.55 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders acquired 148,123 shares of company stock valued at $714,040. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of hedge funds and other institutional investors have recently made changes to their positions in ADVM. BNP Paribas Financial Markets increased its position in Adverum Biotechnologies by 177.0% during the 3rd 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 period. Wells Fargo & Company MN boosted its stake in shares of Adverum Biotechnologies by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock valued at $57,000 after purchasing an additional 2,659 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Adverum Biotechnologies by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company’s stock worth $2,067,000 after buying an additional 3,434 shares during the period. Barclays PLC raised its stake in Adverum Biotechnologies by 11.3% during the fourth quarter. Barclays PLC now owns 39,887 shares of the biotechnology company’s stock worth $186,000 after buying an additional 4,055 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in Adverum Biotechnologies by 36.6% in the fourth quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock valued at $76,000 after buying an additional 4,362 shares during the period. 48.17% of the stock is owned by institutional investors and hedge funds.

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.