Brokerages Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) PT at $6.43

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has received a consensus rating of “Hold” from the eleven ratings firms that are currently covering the firm, Marketbeat reports. Eleven equities research analysts have rated the stock with a hold recommendation. The average 12-month price target among brokers that have issued a report on the stock in the last year is $6.43.

A number of equities research analysts have recently weighed in on ADVM shares. The Goldman Sachs Group downgraded shares of Adverum Biotechnologies from a “buy” rating to a “neutral” rating in a research note on Friday, July 23rd. SVB Leerink reduced their price target on shares of Adverum Biotechnologies from $5.00 to $2.00 and set a “market perform” rating on the stock in a research note on Friday, July 23rd. Chardan Capital reduced their price target on shares of Adverum Biotechnologies from $5.00 to $3.00 and set a “neutral” rating on the stock in a research note on Friday, July 23rd. Zacks Investment Research downgraded shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research note on Friday, August 6th. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $6.00 price objective on shares of Adverum Biotechnologies in a report on Friday, July 30th.

Institutional investors have recently added to or reduced their stakes in the business. Meeder Asset Management Inc. bought a new position in Adverum Biotechnologies during the 1st quarter worth approximately $35,000. Millennium Management LLC bought a new position in Adverum Biotechnologies during the 2nd quarter worth approximately $40,000. Nisa Investment Advisors LLC raised its holdings in Adverum Biotechnologies by 159.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 12,280 shares of the biotechnology company’s stock worth $43,000 after purchasing an additional 7,550 shares during the last quarter. Lipe & Dalton bought a new position in Adverum Biotechnologies during the 2nd quarter worth approximately $52,000. Finally, Squarepoint Ops LLC bought a new position in Adverum Biotechnologies during the 2nd quarter worth approximately $94,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Adverum Biotechnologies stock traded up $0.08 during trading hours on Friday, reaching $2.31. 11,944,941 shares of the stock were exchanged, compared to its average volume of 1,958,484. The company has a market cap of $226.67 million, a P/E ratio of -1.60 and a beta of 1.15. Adverum Biotechnologies has a twelve month low of $2.07 and a twelve month high of $14.79. The stock has a 50 day moving average of $2.49 and a two-hundred day moving average of $5.05.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Wednesday, August 4th. The biotechnology company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.07). On average, sell-side analysts predict that Adverum Biotechnologies will post -1.54 earnings per share for the current year.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc is a clinical-stage gene therapy company that engages in the development of gene therapies for ocular and rare diseases. The company was founded by Mark S. Blumenkranz, Thomas W. Chalberg, Jr., Mitchell H. Finer, and Steven Daniel Schwartz on July 17, 2006 and is headquartered in Redwood City, CA.

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Analyst Recommendations for Adverum Biotechnologies (NASDAQ:ADVM)

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