Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Given Average Rating of "Moderate Buy" by Analysts

Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Get Free Report) have received an average recommendation of "Moderate Buy" from the five brokerages that are currently covering the stock, MarketBeat 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 target price among brokers that have updated their coverage on the stock in the last year is $26.60.

A number of equities analysts have issued reports on the company. Chardan Capital cut their price target on Adverum Biotechnologies from $40.00 to $33.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Royal Bank of Canada reduced their target price on shares of Adverum Biotechnologies from $10.00 to $5.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 16th. Finally, HC Wainwright reiterated a "buy" rating and set a $30.00 price target on shares of Adverum Biotechnologies in a report on Wednesday, April 16th.

Insider Activity at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard acquired 30,600 shares of Adverum Biotechnologies stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average price of $5.61 per share, with a total value of $171,666.00. Following the completion of the purchase, the insider now owns 2,722,761 shares in the company, valued at approximately $15,274,689.21. The trade was a 1.14% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders have acquired 198,123 shares of company stock worth $863,040. 4.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Wells Fargo & Company MN boosted its stake in Adverum Biotechnologies by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company's stock valued at $57,000 after buying an additional 2,659 shares during the period. American Century Companies Inc. boosted its position in shares of Adverum Biotechnologies by 36.6% during the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company's stock valued at $76,000 after acquiring an additional 4,362 shares during the last quarter. Nuveen LLC purchased a new position in shares of Adverum Biotechnologies during the first quarter worth about $139,000. JPMorgan Chase & Co. increased its position in shares of Adverum Biotechnologies by 226.6% in the fourth 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, Corton Capital Inc. purchased a new stake in Adverum Biotechnologies in the fourth quarter valued at approximately $153,000. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

Adverum Biotechnologies Trading Down 3.6%

Adverum Biotechnologies stock traded down $0.10 during midday trading on Friday, reaching $2.71. The company's stock had a trading volume of 621,160 shares, compared to its average volume of 270,584. The stock has a market cap of $56.61 million, a PE ratio of -0.45 and a beta of 1.03. Adverum Biotechnologies has a 52 week low of $2.64 and a 52 week high of $10.14. The business has a 50-day moving average price of $3.87 and a 200-day moving average price of $4.85.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last posted its earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) EPS for the quarter, missing the consensus estimate of ($1.34) by ($0.62). As a group, research analysts predict 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.