Adverum Biotechnologies' (ADVM) "Buy" Rating Reiterated at Chardan Capital

Key Points

• Chardan Capital has reaffirmed a "buy" rating for Adverum Biotechnologies (NASDAQ:ADVM) with a price target of $33.00.
• Adverum's stock recently traded up 5.5% to $2.61, with a market cap of $54.42 million and significant fluctuations observed over the past year.
• Institutional investors have shown increasing interest, with Wells Fargo & Company MN raising its holdings by 27.8% in the fourth quarter.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report)'s stock had its "buy" rating reissued by Chardan Capital in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $33.00 price target on the biotechnology company's stock.

Other equities research analysts also recently issued research reports about the stock. Royal Bank Of Canada cut their target price 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 reissued a "buy" rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Thursday, May 15th. Finally, Mizuho dropped their target price on Adverum Biotechnologies from $16.00 to $12.00 and set an "outperform" rating on the stock in a research report on Thursday, June 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $19.75.

Adverum Biotechnologies Stock Up 2.4%

Shares of Adverum Biotechnologies stock traded up $0.07 during midday trading on Wednesday, hitting $2.93. The company's stock had a trading volume of 100,939 shares, compared to its average volume of 248,884. Adverum Biotechnologies has a 1-year low of $1.78 and a 1-year high of $8.56. The firm has a market capitalization of $61.48 million, a P/E ratio of -0.37 and a beta of 0.77. The stock has a 50-day simple moving average of $2.52 and a 200-day simple moving average of $3.24.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The biotechnology company reported ($2.34) EPS for the quarter, missing analysts' consensus estimates of ($2.24) by ($0.10). As a group, sell-side analysts predict that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ADVM. JPMorgan Chase & Co. increased its stake in Adverum Biotechnologies by 226.6% during the fourth 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 during the period. Geode Capital Management LLC increased its position in shares of Adverum Biotechnologies by 0.8% during 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 period. Wells Fargo & Company MN raised its stake in shares of Adverum Biotechnologies by 27.8% in the fourth quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company's stock valued at $57,000 after purchasing an additional 2,659 shares in the last quarter. Renaissance Technologies LLC lifted its position in Adverum Biotechnologies by 249.6% in the fourth quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company's stock worth $605,000 after purchasing an additional 92,533 shares during the period. Finally, Barclays PLC boosted its stake in Adverum Biotechnologies by 11.3% during the fourth quarter. Barclays PLC now owns 39,887 shares of the biotechnology company's stock worth $186,000 after buying an additional 4,055 shares in the last quarter. Institutional investors and hedge funds own 48.17% of the company's stock.

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.