Adverum Biotechnologies (NASDAQ:ADVM) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a sell rating to a hold rating in a research note released on Thursday.

Other equities research analysts have also issued reports about the stock. Truist Financial lowered their price target on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a buy rating on the stock in a report on Wednesday. Chardan Capital increased their target price on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a buy rating in a research note on Thursday, July 18th. Oppenheimer initiated coverage on shares of Adverum Biotechnologies in a research note on Tuesday, June 25th. They set an outperform rating and a $25.00 target price on the stock. Mizuho lowered their target price on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating on the stock in a research note on Monday, April 29th. Finally, HC Wainwright reissued a buy rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $28.17.

Adverum Biotechnologies Price Performance

NASDAQ:ADVM traded up $0.02 during mid-day trading on Thursday, hitting $6.55. The company’s stock had a trading volume of 24,871 shares, compared to its average volume of 310,320. Adverum Biotechnologies has a 1 year low of $6.38 and a 1 year high of $29.70. The stock has a market cap of $135.96 million, a price-to-earnings ratio of -0.64 and a beta of 1.07. The business’s fifty day moving average is $7.36 and its two-hundred day moving average is $11.53.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) EPS for the quarter, beating the consensus estimate of ($1.47) by $0.58. Analysts anticipate that Adverum Biotechnologies will post -5.5 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Braden Michael Leonard purchased 85,800 shares of Adverum Biotechnologies stock in a transaction that occurred on Tuesday, July 30th. The stock was purchased at an average price of $7.15 per share, for a total transaction of $613,470.00. Following the transaction, the insider now directly owns 2,268,064 shares in the company, valued at $16,216,657.60. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 4.20% of the company’s stock.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds have recently bought and sold shares of ADVM. AIGH Capital Management LLC raised its holdings in Adverum Biotechnologies by 139.6% in the 4th 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 Adverum Biotechnologies in the 1st quarter valued at about $21,210,000. BML Capital Management LLC raised 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 valued at $3,428,000 after acquiring an additional 639,252 shares during the last quarter. Worth Venture Partners LLC raised its holdings in Adverum Biotechnologies by 136.5% in the 4th 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. Finally, Avoro Capital Advisors LLC acquired a new stake in Adverum Biotechnologies in the 1st quarter valued at about $5,892,000. 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.