Adverum Biotechnologies (NASDAQ:ADVM – Get Free Report)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a research report issued on Friday, Benzinga reports. They presently have a $30.00 price objective on the biotechnology company’s stock. HC Wainwright’s price objective indicates a potential upside of 212.17% from the stock’s previous close.
Several other research analysts have also weighed in on ADVM. StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Mizuho lowered their target price on Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, April 29th. Finally, Chardan Capital restated a “buy” rating and issued a $4.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, March 19th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat.com, Adverum Biotechnologies presently has a consensus rating of “Moderate Buy” and an average target price of $29.00.
Read Our Latest Analysis on ADVM
Adverum Biotechnologies Stock Performance
Adverum Biotechnologies (NASDAQ:ADVM – Get Free Report) last released its earnings results on Monday, March 18th. The biotechnology company reported ($2.30) EPS for the quarter, beating the consensus estimate of ($2.80) by $0.50. As a group, equities research analysts forecast that Adverum Biotechnologies will post -5.18 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of ADVM. Citigroup Inc. acquired a new stake in Adverum Biotechnologies during the 3rd quarter valued at approximately $715,000. Newtyn Management LLC boosted its stake in shares of Adverum Biotechnologies by 2.5% during the 3rd quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company’s stock valued at $1,538,000 after buying an additional 25,000 shares during the last quarter. BML Capital Management LLC grew its position in shares of Adverum Biotechnologies by 16.3% during the fourth quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock worth $3,428,000 after buying an additional 639,252 shares in the last quarter. Monaco Asset Management SAM increased its stake 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 worth $60,000 after buying an additional 20,000 shares during the last quarter. Finally, Apexium Financial LP bought a new stake in shares of Adverum Biotechnologies in the 4th quarter worth about $45,000. Institutional investors and hedge funds 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.
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