HC Wainwright Reiterates Buy Rating for Adverum Biotechnologies (NASDAQ:ADVM)

Key Points

• HC Wainwright has reaffirmed a buy rating for Adverum Biotechnologies (NASDAQ:ADVM) with a price target of $30.00.
• The stock currently has an average rating of "Moderate Buy" from analysts, with a consensus price target of $19.75, despite recent fluctuations.
• Adverum reported a quarterly earnings miss, with earnings per share of ($2.34), falling short of analysts' expectations of ($2.24).

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report)'s stock had its "buy" rating reaffirmed by HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $30.00 price objective on the biotechnology company's stock.

A number of other research analysts have also issued reports on ADVM. Mizuho reduced their target price on shares of Adverum Biotechnologies from $16.00 to $12.00 and set an "outperform" rating for the company in a research note on Thursday, June 26th. Chardan Capital reissued a "buy" rating and set a $33.00 target price on shares of Adverum Biotechnologies in a research note on Wednesday, August 13th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $19.75.

Adverum Biotechnologies Stock Down 8.0%

Shares of NASDAQ:ADVM opened at $3.46 on Tuesday. Adverum Biotechnologies has a fifty-two week low of $1.78 and a fifty-two week high of $8.56. The firm has a 50-day simple moving average of $2.87 and a 200 day simple moving average of $3.03. The company has a market cap of $72.59 million, a PE ratio of -0.44 and a beta of 0.92.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd acquired a new position in Adverum Biotechnologies in the 2nd quarter valued at approximately $45,000. XTX Topco Ltd acquired a new position in shares of Adverum Biotechnologies during the 2nd quarter worth $64,000. Qube Research & Technologies Ltd acquired a new position in shares of Adverum Biotechnologies during the 2nd quarter worth $66,000. Marshall Wace LLP acquired a new position in shares of Adverum Biotechnologies during the 2nd quarter worth $107,000. Finally, Nuveen LLC acquired a new position in shares of Adverum Biotechnologies during the 1st quarter worth $139,000. Institutional investors and hedge funds own 48.17% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.