Adverum Biotechnologies (NASDAQ:ADVM) Coverage Initiated by Analysts at Oppenheimer

Oppenheimer assumed coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a report issued on Tuesday morning, Marketbeat.com reports. The brokerage issued an outperform rating and a $25.00 target price on the biotechnology company’s stock.

A number of other research firms also recently issued reports on ADVM. Mizuho dropped their price target on Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating on the stock in a research note on Monday, April 29th. HC Wainwright reiterated a buy rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Friday, May 10th. StockNews.com upgraded shares of Adverum Biotechnologies from a sell rating to a hold rating in a research report on Monday, May 27th. Chardan Capital reiterated a buy rating and issued a $4.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th. Finally, Truist Financial reissued a buy rating and set a $60.00 price objective on shares of Adverum Biotechnologies in a research report on Wednesday, May 15th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $28.20.

Adverum Biotechnologies Stock Performance

NASDAQ ADVM opened at $6.86 on Tuesday. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70. The stock has a 50-day moving average of $8.33 and a 200 day moving average of $11.73. The company has a market capitalization of $142.41 million, a price-to-earnings ratio of -0.67 and a beta of 1.13.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($1.50) EPS for the quarter, missing analysts’ consensus estimates of ($1.28) by ($0.22). On average, equities analysts predict that Adverum Biotechnologies will post -5.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. AIGH Capital Management LLC lifted 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 in the last quarter. Vivo Capital LLC bought a new stake in Adverum Biotechnologies during the 1st quarter valued at approximately $21,210,000. BML Capital Management LLC lifted its holdings 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 worth $3,428,000 after purchasing an additional 639,252 shares in the last quarter. Citigroup Inc. bought a new position in Adverum Biotechnologies in the 3rd quarter worth approximately $715,000. Finally, Worth Venture Partners LLC grew its holdings in Adverum Biotechnologies by 136.5% during the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after buying an additional 452,678 shares in the last quarter. Institutional investors 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.