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

HC Wainwright reissued their buy rating on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research note published on Tuesday morning,Benzinga reports. HC Wainwright currently has a $30.00 price objective on the biotechnology company’s stock.

A number of other research analysts also recently commented on ADVM. Royal Bank of Canada lowered their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 5th. Truist Financial lowered their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Finally, StockNews.com downgraded Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $27.83.

Adverum Biotechnologies Price Performance

Shares of ADVM opened at $6.04 on Tuesday. Adverum Biotechnologies has a 1 year low of $5.69 and a 1 year high of $29.70. The company has a 50 day simple moving average of $7.42 and a two-hundred day simple moving average of $7.51. The firm has a market cap of $125.64 million, a P/E ratio of -0.97 and a beta of 1.02.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The business had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.50 million. On average, sell-side analysts anticipate that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Institutional Trading of Adverum Biotechnologies

A number of institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets lifted its position in shares of Adverum Biotechnologies by 177.0% during the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 2,649 shares during the last quarter. Captrust Financial Advisors purchased a new position in shares of Adverum Biotechnologies during the third quarter valued at $71,000. SG Americas Securities LLC purchased a new position in shares of Adverum Biotechnologies during the third quarter valued at $74,000. MetLife Investment Management LLC increased its stake in shares of Adverum Biotechnologies by 129.1% during the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after buying an additional 7,089 shares during the period. Finally, Zacks Investment Management purchased a new position in Adverum Biotechnologies in the third quarter valued at about $89,000. 48.17% of the stock is currently owned by 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.