Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Receives $26.40 Consensus Price Target from Brokerages

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) have received a consensus rating of "Moderate Buy" from the five brokerages that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $26.40.

A number of equities research analysts have issued reports on the company. Royal Bank of Canada reduced their price target on 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. HC Wainwright reissued a "buy" rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Thursday, May 15th. Finally, Chardan Capital restated a "buy" rating and set a $33.00 price target on shares of Adverum Biotechnologies in a research note on Thursday, May 15th.

Insider Activity

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard purchased 30,600 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $5.61 per share, for a total transaction of $171,666.00. Following the completion of the purchase, the insider now directly owns 2,722,761 shares in the company, valued at $15,274,689.21. This represents a 1.14% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have purchased 198,123 shares of company stock valued at $863,040 and have sold 13,010 shares valued at $26,020. Corporate insiders own 6.00% of the company's stock.

Institutional Trading of Adverum Biotechnologies

A number of institutional investors have recently modified their holdings of the business. AQR Capital Management LLC purchased a new stake in Adverum Biotechnologies during the first quarter worth $148,000. Pale Fire Capital SE raised its holdings in shares of Adverum Biotechnologies by 16.9% in the first quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company's stock worth $1,609,000 after acquiring an additional 53,113 shares during the last quarter. Nuveen LLC acquired a new position in shares of Adverum Biotechnologies in the first quarter worth $139,000. Invesco Ltd. acquired a new position in shares of Adverum Biotechnologies in the first quarter worth $218,000. Finally, BML Capital Management LLC raised its holdings in shares of Adverum Biotechnologies by 20.9% in the first quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company's stock worth $11,984,000 after acquiring an additional 474,253 shares during the last quarter. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ ADVM traded up $0.41 during mid-day trading on Thursday, reaching $2.83. 356,380 shares of the company's stock were exchanged, compared to its average volume of 269,897. The firm has a market capitalization of $59.12 million, a price-to-earnings ratio of -0.47 and a beta of 0.71. Adverum Biotechnologies has a 52-week low of $1.78 and a 52-week high of $10.14. The company's 50-day moving average is $2.89 and its 200-day moving average is $4.15.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last announced 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 analysts predict that Adverum Biotechnologies will post -4.92 earnings per share 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.