Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Given Average Recommendation of “Buy” by Brokerages

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has been assigned a consensus rating of “Buy” from the four ratings firms that are currently covering the company, Marketbeat reports. Four analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $29.00.

ADVM has been the subject of several recent analyst reports. HC Wainwright initiated coverage on shares of Adverum Biotechnologies in a research note on Tuesday. They set a “buy” rating and a $30.00 price objective for the company. Chardan Capital reaffirmed a “buy” rating and set a $4.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, March 19th. Mizuho dropped their price objective on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a research note on Monday. Finally, StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd.

Adverum Biotechnologies Price Performance

Shares of Adverum Biotechnologies stock opened at $9.53 on Tuesday. The stock has a 50 day moving average of $15.18 and a 200 day moving average of $12.07. Adverum Biotechnologies has a 12 month low of $7.21 and a 12 month high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Monday, March 18th. The biotechnology company reported ($2.30) EPS for the quarter, topping analysts’ consensus estimates of ($2.80) by $0.50. As a group, analysts forecast that Adverum Biotechnologies will post -5.18 earnings per share for the current fiscal year.

Insider Transactions at Adverum Biotechnologies

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

Institutional Trading of Adverum Biotechnologies

Several institutional investors and hedge funds have recently made changes to their positions in ADVM. Apexium Financial LP bought a new stake in shares of Adverum Biotechnologies in the fourth quarter valued at about $45,000. Monaco Asset Management SAM raised its holdings in shares of 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 acquiring an additional 20,000 shares in the last quarter. Twin Focus Capital Partners LLC bought a new stake in shares of Adverum Biotechnologies in the fourth quarter valued at about $75,000. Assenagon Asset Management S.A. bought a new stake in shares of Adverum Biotechnologies in the first quarter valued at about $5,072,000. Finally, Citigroup Inc. bought a new stake in shares of Adverum Biotechnologies in the third quarter valued at about $715,000. 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.