Brokerages Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) PT at $23.80

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) have received an average rating of "Moderate Buy" from the five analysts that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $23.80.

Several equities research analysts have commented on the stock. Mizuho dropped 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 report on Thursday, June 26th. Chardan Capital restated a "buy" rating and issued a $33.00 target price on shares of Adverum Biotechnologies in a report on Thursday, May 15th. HC Wainwright restated a "buy" rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a report on Thursday, May 15th. Finally, Royal Bank Of Canada decreased their target price on Adverum Biotechnologies from $5.00 to $4.00 and set a "sector perform" rating on the stock in a report on Thursday, May 15th.

Institutional Investors Weigh In On Adverum Biotechnologies

Large investors have recently bought and sold shares of the business. Wells Fargo & Company MN boosted its position 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 worth $57,000 after purchasing an additional 2,659 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Adverum Biotechnologies by 36.6% in the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company's stock worth $76,000 after purchasing an additional 4,362 shares during the last quarter. Nuveen LLC bought a new position in shares of Adverum Biotechnologies in the 1st quarter worth $139,000. JPMorgan Chase & Co. boosted its position in shares of Adverum Biotechnologies by 226.6% in the 4th quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company's stock worth $143,000 after purchasing an additional 21,274 shares during the last quarter. Finally, AQR Capital Management LLC bought a new position in shares of Adverum Biotechnologies in the 1st quarter worth $148,000. 48.17% of the stock is currently owned by institutional investors.

Adverum Biotechnologies Price Performance

Shares of NASDAQ ADVM traded up $0.03 during mid-day trading on Friday, hitting $2.70. The company had a trading volume of 61,989 shares, compared to its average volume of 274,714. The stock has a market cap of $56.40 million, a price-to-earnings ratio of -0.42 and a beta of 0.70. Adverum Biotechnologies has a 12 month low of $1.78 and a 12 month high of $8.58. The firm's 50 day simple moving average is $2.47 and its two-hundred day simple moving average is $3.46.

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.