Adverum Biotechnologies (NASDAQ:ADVM) Price Target Cut to $12.00 by Analysts at Mizuho

Adverum Biotechnologies (NASDAQ:ADVM - Free Report) had its target price decreased by Mizuho from $16.00 to $12.00 in a research report sent to investors on Thursday,Benzinga reports. Mizuho currently has an outperform rating on the biotechnology company's stock.

Several other research firms have also recently weighed in on ADVM. HC Wainwright reiterated a "buy" rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Thursday, May 15th. Chardan Capital reissued a "buy" rating and set a $33.00 target price on shares of Adverum Biotechnologies in a research note on Thursday, May 15th. Finally, Royal Bank Of Canada decreased 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 note on Thursday, May 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.80.

Adverum Biotechnologies Price Performance

NASDAQ ADVM traded down $0.17 on Thursday, hitting $2.32. 2,804,414 shares of the stock were exchanged, compared to its average volume of 279,794. Adverum Biotechnologies has a 52-week low of $1.78 and a 52-week high of $10.14. The company has a market capitalization of $48.46 million, a price-to-earnings ratio of -0.36 and a beta of 0.71. The company's 50-day moving average price is $2.60 and its two-hundred day moving average price is $3.79.

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

Insider Buying and Selling at Adverum Biotechnologies

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard purchased 19,566 shares of the business's stock in a transaction dated Monday, March 31st. The shares were acquired at an average price of $4.38 per share, for a total transaction of $85,699.08. Following the acquisition, the insider now owns 2,742,317 shares of the company's stock, valued at $12,011,348.46. This trade represents a 0.72% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders purchased 84,775 shares of company stock valued at $296,143 and sold 13,010 shares valued at $26,020. Company insiders own 6.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN raised its holdings in shares of Adverum Biotechnologies by 27.8% during the 4th 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. Geode Capital Management LLC raised its holdings in shares of Adverum Biotechnologies by 0.8% during the 4th 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 in the last quarter. Barclays PLC raised its holdings in shares of Adverum Biotechnologies by 11.3% during the 4th quarter. Barclays PLC now owns 39,887 shares of the biotechnology company's stock valued at $186,000 after purchasing an additional 4,055 shares in the last quarter. American Century Companies Inc. raised its holdings in Adverum Biotechnologies by 36.6% in the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company's stock worth $76,000 after acquiring an additional 4,362 shares during the period. Finally, Bank of America Corp DE raised its holdings in Adverum Biotechnologies by 16.3% in the 4th quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company's stock worth $204,000 after acquiring an additional 6,094 shares during the period. Institutional investors 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.