Adverum Biotechnologies’ (ADVM) “Buy” Rating Reaffirmed at HC Wainwright

Adverum Biotechnologies (NASDAQ:ADVM)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a report issued on Friday, Benzinga reports. They presently have a $30.00 price target on the biotechnology company’s stock. HC Wainwright’s price objective would indicate a potential upside of 212.17% from the stock’s current price.

A number of other equities analysts have also issued reports on the stock. Mizuho reduced their price target on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 29th. StockNews.com downgraded shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Finally, Chardan Capital reaffirmed 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 issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $29.00.

Adverum Biotechnologies Stock Performance

NASDAQ ADVM opened at $9.61 on Friday. The company has a market capitalization of $199.47 million, a price-to-earnings ratio of -0.83 and a beta of 0.89. The company’s 50-day simple moving average is $13.60 and its two-hundred day simple moving average is $12.07. Adverum Biotechnologies has a one year low of $7.40 and a one year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Monday, March 18th. The biotechnology company reported ($2.30) EPS for the quarter, topping the consensus estimate of ($2.80) by $0.50. Equities analysts expect that Adverum Biotechnologies will post -5.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of institutional investors have recently modified their holdings of ADVM. Citigroup Inc. purchased a new position in Adverum Biotechnologies in the 3rd quarter valued at about $715,000. Newtyn Management LLC lifted its stake in Adverum Biotechnologies by 2.5% in the 3rd quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company’s stock worth $1,538,000 after purchasing an additional 25,000 shares in the last quarter. BML Capital Management LLC boosted its holdings in shares of Adverum Biotechnologies by 16.3% during the 4th quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock worth $3,428,000 after purchasing an additional 639,252 shares during the last quarter. Monaco Asset Management SAM boosted its holdings in shares of Adverum Biotechnologies by 33.8% during the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after purchasing an additional 20,000 shares during the last quarter. Finally, Apexium Financial LP purchased a new stake in shares of Adverum Biotechnologies in the fourth quarter valued at approximately $45,000. 48.17% of the stock is currently owned by institutional investors and hedge funds.

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.