Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives Average Recommendation of "Hold" from Analysts

Key Points

• Adverum Biotechnologies received an average recommendation of "Hold" from five analysts, with one sell, one hold, and three buy ratings.
• The current average target price for ADVM shares is $19.75, highlighting differing outlooks among analysts regarding the stock's future performance.
• Adverum recently reported an earnings miss with a quarterly EPS of ($2.34), compared to expectations of ($2.24), raising concerns among investors.

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) has earned a consensus recommendation of "Hold" from the five analysts that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $19.75.

A number of equities analysts have recently weighed in on ADVM shares. Chardan Capital reaffirmed a "buy" rating and issued a $33.00 price objective on shares of Adverum Biotechnologies in a research note on Wednesday, August 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adverum Biotechnologies in a research note on Saturday, September 27th. Mizuho decreased their price target on shares of Adverum Biotechnologies from $16.00 to $12.00 and set an "outperform" rating on the stock in a research note on Thursday, June 26th. Finally, HC Wainwright restated a "buy" rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, September 23rd.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ:ADVM traded up $0.12 during trading on Friday, reaching $5.39. 321,703 shares of the stock traded hands, compared to its average volume of 719,492. The stock has a 50-day moving average of $3.22 and a two-hundred day moving average of $3.06. Adverum Biotechnologies has a 52-week low of $1.78 and a 52-week high of $8.56. The stock has a market cap of $113.08 million, a P/E ratio of -0.69 and a beta of 0.98.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The biotechnology company reported ($2.34) EPS for the quarter, missing analysts' consensus estimates of ($2.24) by ($0.10). Sell-side analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ADVM. Y Intercept Hong Kong Ltd purchased a new position in shares of Adverum Biotechnologies in the second quarter valued at $45,000. XTX Topco Ltd purchased a new position in Adverum Biotechnologies during the second quarter worth $64,000. Qube Research & Technologies Ltd purchased a new position in Adverum Biotechnologies during the second quarter worth $66,000. Marshall Wace LLP purchased a new position in Adverum Biotechnologies during the second quarter worth $107,000. Finally, Nuveen LLC purchased a new position in Adverum Biotechnologies during the first quarter worth $139,000. 48.17% of the stock is owned by hedge funds and other 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.

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