Adverum Biotechnologies (NASDAQ:ADVM) Earns Buy Rating from Analysts at HC Wainwright

HC Wainwright assumed coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage set a "buy" rating and a $30.00 price target on the biotechnology company's stock. HC Wainwright's price objective points to a potential upside of 208.64% from the stock's previous close.

Several other equities research analysts also recently weighed in on the stock. Chardan Capital reiterated a "buy" rating and set a $4.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, March 19th. Mizuho reduced their price objective on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a "buy" rating for the company in a research report on Monday. Finally, StockNews.com upgraded shares of Adverum Biotechnologies from a "sell" rating to a "hold" rating in a research report on Friday, March 22nd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $29.00.

Adverum Biotechnologies Trading Up 2.0 %

Shares of ADVM traded up $0.19 during mid-day trading on Tuesday, hitting $9.72. 294,395 shares of the company's stock were exchanged, compared to its average volume of 263,140. Adverum Biotechnologies has a fifty-two week low of $7.21 and a fifty-two week high of $29.70. The firm has a market capitalization of $201.69 million, a P/E ratio of -0.89 and a beta of 0.84. The business's 50 day moving average is $15.18 and its two-hundred day moving average is $12.07.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last announced its earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share for the quarter, topping the consensus estimate of ($2.80) by $0.50. On average, equities research analysts forecast that Adverum Biotechnologies will post -5.18 earnings per share for the current year.

Insider Buying and Selling at Adverum Biotechnologies

In related news, Director James Paul Scopa bought 10,000 shares of the company's stock in a transaction on Wednesday, February 7th. The stock was bought at an average cost of $13.50 per share, with a total value of $135,000.00. Following the completion of the acquisition, the director now owns 10,000 shares in the company, valued at approximately $135,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ADVM. Apexium Financial LP purchased a new position in shares of Adverum Biotechnologies during the 4th quarter worth approximately $45,000. Monaco Asset Management SAM increased its stake in shares of Adverum Biotechnologies by 33.8% during the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company's stock worth $60,000 after purchasing an additional 20,000 shares in the last quarter. Twin Focus Capital Partners LLC purchased a new position in shares of Adverum Biotechnologies during the 4th quarter worth approximately $75,000. Worth Venture Partners LLC increased its stake in shares of Adverum Biotechnologies by 136.5% during the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company's stock worth $590,000 after purchasing an additional 452,678 shares in the last quarter. Finally, Citigroup Inc. purchased a new position in shares of Adverum Biotechnologies during the 3rd quarter worth approximately $715,000. 48.17% of the stock is owned by hedge funds and other institutional investors.

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.