Royal Bank of Canada Trims Adverum Biotechnologies (NASDAQ:ADVM) Target Price to $12.00

Adverum Biotechnologies (NASDAQ:ADVM) had its price target reduced by Royal Bank of Canada from $15.00 to $12.00 in a report issued on Tuesday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the biotechnology company’s stock.

Several other equities analysts also recently commented on the stock. Chardan Capital upped their price target on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the company a buy rating in a report on Thursday, July 18th. Mizuho reduced their price target on Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating on the stock in a report on Monday, April 29th. Truist Financial restated a buy rating and set a $60.00 price objective on shares of Adverum Biotechnologies in a report on Wednesday, May 15th. HC Wainwright reiterated a buy rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research note on Friday, May 10th. Finally, StockNews.com downgraded Adverum Biotechnologies from a hold rating to a sell rating in a research report on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $28.17.

Adverum Biotechnologies Price Performance

NASDAQ:ADVM opened at $6.53 on Tuesday. The firm has a market capitalization of $135.54 million, a price-to-earnings ratio of -0.64 and a beta of 1.07. The business has a 50 day simple moving average of $7.36 and a 200-day simple moving average of $11.53. Adverum Biotechnologies has a 1 year low of $6.38 and a 1 year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.47) by $0.58. As a group, analysts expect that Adverum Biotechnologies will post -5.5 earnings per share for the current fiscal year.

Insider Transactions at Adverum Biotechnologies

In other news, major shareholder Braden Michael Leonard acquired 85,800 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The stock was purchased at an average cost of $7.15 per share, for a total transaction of $613,470.00. Following the completion of the acquisition, the insider now directly owns 2,268,064 shares of the company’s stock, valued at approximately $16,216,657.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Adverum Biotechnologies

Institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC boosted its position in Adverum Biotechnologies by 2.4% during the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after acquiring an additional 3,169 shares in the last quarter. Monaco Asset Management SAM boosted its position in Adverum Biotechnologies by 33.8% during 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 in the last quarter. Rhumbline Advisers grew its stake in Adverum Biotechnologies by 10,419.1% in the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after purchasing an additional 30,528 shares during the last quarter. Apexium Financial LP bought a new position in Adverum Biotechnologies in the fourth quarter worth about $45,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Adverum Biotechnologies during the second quarter valued at about $443,000. 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.