Adverum Biotechnologies (NASDAQ:ADVM) Price Target Cut to $22.00

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) had its price target cut by investment analysts at Mizuho from $40.00 to $22.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a "buy" rating on the biotechnology company's stock. Mizuho's target price would suggest a potential upside of 130.85% from the company's current price.

Several other analysts have also recently commented on ADVM. StockNews.com upgraded shares of Adverum Biotechnologies from a "sell" rating to a "hold" rating in a research note on Friday, March 22nd. Chardan Capital restated a "buy" rating and issued a $4.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th.

Adverum Biotechnologies Price Performance

Shares of ADVM stock traded up $0.34 during midday trading on Monday, hitting $9.53. The company had a trading volume of 811,478 shares, compared to its average volume of 263,020. The stock has a market cap of $197.75 million, a price-to-earnings ratio of -0.84 and a beta of 0.84. The company's 50 day simple moving average is $15.39 and its 200 day simple moving average is $12.07. Adverum Biotechnologies has a 52-week low of $7.21 and a 52-week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last issued its quarterly 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. Analysts anticipate that Adverum Biotechnologies will post -5.18 EPS for the current year.

Insider Buying and Selling at Adverum Biotechnologies

In related news, Director James Paul Scopa purchased 10,000 shares of the stock in a transaction dated Wednesday, February 7th. The shares were acquired at an average cost of $13.50 per share, with a total value of $135,000.00. Following the purchase, the director now directly owns 10,000 shares in the company, valued at approximately $135,000. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

Institutional investors have recently modified their holdings of the company. BML Capital Management LLC increased its stake in Adverum Biotechnologies by 16.3% in the 4th quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company's stock valued at $3,428,000 after purchasing an additional 639,252 shares in the last quarter. AIGH Capital Management LLC increased its position in shares of Adverum Biotechnologies by 139.6% in the fourth quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company's stock valued at $2,388,000 after buying an additional 1,848,834 shares in the last quarter. Vivo Capital LLC purchased a new position in shares of Adverum Biotechnologies in the first quarter valued at $21,210,000. Newtyn Management LLC raised its stake in shares of Adverum Biotechnologies by 2.5% during the 3rd quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company's stock worth $1,538,000 after buying an additional 25,000 shares during the last quarter. Finally, Worth Venture Partners LLC boosted its position in shares of Adverum Biotechnologies by 136.5% in the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company's stock worth $590,000 after buying an additional 452,678 shares in 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.