Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives $23.80 Consensus Target Price from Analysts

Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) has been given an average recommendation of "Moderate Buy" by the five brokerages that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $23.80.

Several equities research analysts recently weighed in on the stock. Mizuho reduced their price target on shares of Adverum Biotechnologies from $16.00 to $12.00 and set an "outperform" rating for the company in a research report on Thursday, June 26th. Royal Bank Of Canada reduced their price target on shares of Adverum Biotechnologies from $5.00 to $4.00 and set a "sector perform" rating for the company in a research report on Thursday, May 15th. HC Wainwright reaffirmed a "buy" rating and set a $30.00 price target on shares of Adverum Biotechnologies in a report on Thursday, May 15th. Finally, Chardan Capital reaffirmed a "buy" rating and set a $33.00 price target on shares of Adverum Biotechnologies in a report on Thursday, May 15th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ADVM. BML Capital Management LLC lifted its holdings in shares of Adverum Biotechnologies by 20.9% during the first quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company's stock valued at $11,984,000 after purchasing an additional 474,253 shares in the last quarter. Principia Wealth Advisory LLC lifted its holdings in Adverum Biotechnologies by 27.5% in the first quarter. Principia Wealth Advisory LLC now owns 1,696,815 shares of the biotechnology company's stock valued at $7,415,000 after acquiring an additional 366,155 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Adverum Biotechnologies by 50.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company's stock valued at $1,452,000 after acquiring an additional 104,262 shares during the period. Renaissance Technologies LLC lifted its holdings in Adverum Biotechnologies by 249.6% in the fourth quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company's stock valued at $605,000 after acquiring an additional 92,533 shares during the period. Finally, Grant GrossMendelsohn LLC lifted its holdings in Adverum Biotechnologies by 90.3% in the first quarter. Grant GrossMendelsohn LLC now owns 160,157 shares of the biotechnology company's stock valued at $700,000 after acquiring an additional 75,984 shares during the period. 48.17% of the stock is owned by institutional investors.

Adverum Biotechnologies Trading Down 0.8%

Adverum Biotechnologies stock traded down $0.02 during mid-day trading on Friday, hitting $2.68. The company had a trading volume of 21,849 shares, compared to its average volume of 263,995. The stock's 50 day moving average price is $2.47 and its two-hundred day moving average price is $3.44. Adverum Biotechnologies has a 12 month low of $1.78 and a 12 month high of $8.56. The company has a market capitalization of $55.96 million, a PE ratio of -0.42 and a beta of 0.70.

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.