Mizuho Cuts Adverum Biotechnologies (NASDAQ:ADVM) Price Target to $12.00

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

Other equities research analysts have also recently issued research reports about the stock. Royal Bank Of Canada dropped their target price on shares of Adverum Biotechnologies from $5.00 to $4.00 and set a "sector perform" rating on the stock in a report on Thursday, May 15th. HC Wainwright restated a "buy" rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a report on Thursday, May 15th. Finally, Chardan Capital restated a "buy" rating and issued a $33.00 target price on shares of Adverum Biotechnologies in a report on Thursday, May 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $23.80.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ:ADVM traded down $0.17 during trading on Thursday, reaching $2.32. 2,804,414 shares of the stock traded hands, compared to its average volume of 268,948. Adverum Biotechnologies has a 52-week low of $1.78 and a 52-week high of $10.14. The stock has a 50-day moving average of $2.60 and a two-hundred day moving average of $3.77. The stock has a market cap of $48.46 million, a P/E ratio of -0.36 and a beta of 0.71.

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

Insiders Place Their Bets

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard purchased 50,000 shares of the firm's stock in a transaction on Wednesday, April 23rd. The shares were acquired at an average cost of $2.98 per share, for a total transaction of $149,000.00. Following the completion of the transaction, the insider now owns 191,800 shares of the company's stock, valued at approximately $571,564. The trade was a 35.26% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have acquired 84,775 shares of company stock worth $296,143 and have sold 13,010 shares worth $26,020. Insiders own 6.00% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Regeneron Pharmaceuticals Inc. purchased a new position in shares of Adverum Biotechnologies during the 4th quarter valued at $845,000. Principia Wealth Advisory LLC lifted its stake in shares of Adverum Biotechnologies by 27.5% during the 1st quarter. Principia Wealth Advisory LLC now owns 1,696,815 shares of the biotechnology company's stock valued at $7,415,000 after buying an additional 366,155 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Adverum Biotechnologies by 226.6% during the 4th quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company's stock valued at $143,000 after buying an additional 21,274 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Adverum Biotechnologies by 16.3% during the 4th quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company's stock valued at $204,000 after buying an additional 6,094 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in Adverum Biotechnologies by 128.5% in the 4th quarter. Marshall Wace LLP now owns 98,027 shares of the biotechnology company's stock valued at $458,000 after acquiring an additional 55,130 shares during the last quarter. Hedge funds and other 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.