Brokerages Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) PT at $26.40

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) have received a consensus rating of "Moderate Buy" from the five brokerages that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $26.40.

A number of research analysts recently issued reports on the stock. Chardan Capital restated a "buy" rating and set a $33.00 price objective on shares of Adverum Biotechnologies in a report on Thursday, May 15th. 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 on the stock in a research report on Thursday, May 15th. Finally, HC Wainwright reissued a "buy" rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Thursday, May 15th.

Insiders Place Their Bets

In related news, major shareholder Braden Michael Leonard bought 62,341 shares of Adverum Biotechnologies stock in a transaction that occurred on Tuesday, March 18th. The stock was purchased at an average cost of $4.69 per share, with a total value of $292,379.29. Following the purchase, the insider now owns 2,667,161 shares in the company, valued at approximately $12,508,985.09. This trade represents a 2.39% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have purchased 198,123 shares of company stock worth $863,040 and have sold 13,010 shares worth $26,020. Corporate insiders own 4.20% of the company's stock.

Institutional Trading of Adverum Biotechnologies

Several hedge funds and other institutional investors have recently modified their holdings of ADVM. Regeneron Pharmaceuticals Inc. acquired a new position in shares of Adverum Biotechnologies during the fourth quarter worth about $845,000. JPMorgan Chase & Co. lifted its stake in Adverum Biotechnologies by 226.6% in the 4th quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company's stock valued at $143,000 after acquiring an additional 21,274 shares in the last quarter. Marshall Wace LLP boosted its position in Adverum Biotechnologies by 128.5% during the 4th quarter. Marshall Wace LLP now owns 98,027 shares of the biotechnology company's stock worth $458,000 after acquiring an additional 55,130 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Adverum Biotechnologies by 249.6% during the 4th quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company's stock worth $605,000 after acquiring an additional 92,533 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Adverum Biotechnologies by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company's stock valued at $2,067,000 after purchasing an additional 3,434 shares during the last quarter. Institutional investors and hedge funds own 48.17% of the company's stock.

Adverum Biotechnologies Stock Up 16.9%

Shares of Adverum Biotechnologies stock traded up $0.41 during trading on Thursday, reaching $2.83. 356,380 shares of the company were exchanged, compared to its average volume of 268,487. The business has a 50-day moving average price of $2.91 and a 200-day moving average price of $4.19. The firm has a market capitalization of $59.12 million, a price-to-earnings ratio of -0.47 and a beta of 1.03. Adverum Biotechnologies has a twelve month low of $1.78 and a twelve month high of $10.14.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last posted its earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.34) by ($0.62). On average, equities research analysts forecast that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

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.