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

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report)'s stock had its "buy" rating restated by stock analysts at HC Wainwright in a note issued to investors on Friday, Benzinga reports. They currently have a $30.00 target price on the biotechnology company's stock. HC Wainwright's price target suggests a potential upside of 222.58% from the stock's current price.

ADVM has been the subject of several other reports. Mizuho lowered their target price on Adverum Biotechnologies from $40.00 to $22.00 and set a "buy" rating for the company in a research note on Monday, April 29th. StockNews.com lowered Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research report on Wednesday, May 1st. Finally, Chardan Capital restated a "buy" rating and issued a $4.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Adverum Biotechnologies currently has an average rating of "Moderate Buy" and a consensus price target of $29.00.

Adverum Biotechnologies Stock Performance

Shares of ADVM traded down $0.31 during trading hours on Friday, reaching $9.30. 340,268 shares of the company traded hands, compared to its average volume of 270,767. The stock has a market cap of $193.04 million, a P/E ratio of -0.91 and a beta of 0.89. The stock's fifty day moving average is $13.60 and its 200 day moving average is $12.07. Adverum Biotechnologies has a 1-year low of $7.40 and a 1-year high of $29.70.

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

Institutional Trading of Adverum Biotechnologies

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BML Capital Management LLC increased its position in shares of Adverum Biotechnologies by 16.3% in the fourth quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company's stock valued at $3,428,000 after acquiring an additional 639,252 shares during 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 acquiring an additional 1,848,834 shares during the last quarter. Vivo Capital LLC acquired a new stake in shares of Adverum Biotechnologies in the first quarter valued at about $21,210,000. Newtyn Management LLC increased its position in shares of Adverum Biotechnologies by 2.5% in the third quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company's stock valued at $1,538,000 after acquiring an additional 25,000 shares during the last quarter. Finally, Worth Venture Partners LLC increased its position in shares of Adverum Biotechnologies by 136.5% in the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company's stock valued at $590,000 after acquiring an additional 452,678 shares during the last quarter. Institutional investors and hedge funds 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.