Adverum Biotechnologies (NASDAQ:ADVM) Research Coverage Started at HC Wainwright

HC Wainwright initiated coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research report issued on Tuesday, Briefing.com reports. The firm set a “buy” rating and a $30.00 price target on the biotechnology company’s stock. HC Wainwright’s price target would suggest a potential upside of 214.80% from the stock’s current price.

Other analysts have also issued research reports about the company. StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Friday, March 22nd. Chardan Capital reissued a “buy” rating and set a $4.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, March 19th. Finally, Mizuho dropped their target price on Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a research report on Monday. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Adverum Biotechnologies has an average rating of “Moderate Buy” and a consensus target price of $29.00.

Adverum Biotechnologies Trading Up 3.7 %

Shares of NASDAQ:ADVM opened at $9.53 on Tuesday. The business has a 50-day moving average price of $15.18 and a 200 day moving average price of $12.07. Adverum Biotechnologies has a 12-month low of $7.21 and a 12-month high of $29.70. The company has a market capitalization of $197.75 million, a price-to-earnings ratio of -0.82 and a beta of 0.84.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly 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. As a group, equities research analysts predict that Adverum Biotechnologies will post -5.18 earnings per share for the current fiscal year.

Insider Transactions at Adverum Biotechnologies

In other news, Director James Paul Scopa acquired 10,000 shares of Adverum Biotechnologies stock in a transaction dated Wednesday, February 7th. The shares were acquired at an average cost of $13.50 per share, for a total transaction of $135,000.00. Following the acquisition, the director now owns 10,000 shares of the company’s stock, valued at $135,000. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.30% of the company’s stock.

Institutional Investors Weigh In On Adverum Biotechnologies

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Monaco Asset Management SAM increased its stake in Adverum Biotechnologies by 33.8% in the fourth quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after purchasing an additional 20,000 shares during the last quarter. Newtyn Management LLC lifted its position in 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. Apexium Financial LP acquired a new position in Adverum Biotechnologies in the fourth quarter valued at $45,000. Twin Focus Capital Partners LLC purchased a new position in shares of Adverum Biotechnologies during the fourth quarter worth about $75,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Adverum Biotechnologies during the first quarter worth about $5,072,000. Institutional investors and hedge funds own 48.17% of the company’s stock.

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.