StockNews.com Upgrades Adverum Biotechnologies (NASDAQ:ADVM) to Hold

Adverum Biotechnologies (NASDAQ:ADVM) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

Other equities analysts have also issued research reports about the stock. Chardan Capital lifted their price target on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Mizuho reduced their target price on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, April 29th. HC Wainwright restated a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a report on Friday, May 10th. Oppenheimer began coverage on shares of Adverum Biotechnologies in a report on Tuesday, June 25th. They set an “outperform” rating and a $25.00 target price on the stock. Finally, Truist Financial restated a “buy” rating and set a $60.00 target price on shares of Adverum Biotechnologies in a report on Wednesday, May 15th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Adverum Biotechnologies currently has an average rating of “Moderate Buy” and a consensus target price of $35.40.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ ADVM opened at $7.42 on Tuesday. Adverum Biotechnologies has a 1 year low of $6.38 and a 1 year high of $29.70. The firm’s 50 day moving average price is $7.56 and its 200 day moving average price is $11.69. The firm has a market cap of $154.04 million, a P/E ratio of -0.73 and a beta of 1.07.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Thursday, May 9th. The biotechnology company reported ($1.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.28) by ($0.22). As a group, equities analysts predict that Adverum Biotechnologies will post -5.5 EPS for the current year.

Insider Transactions at Adverum Biotechnologies

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard acquired 85,800 shares of the stock in a transaction that occurred on Tuesday, July 30th. The stock was acquired at an average price of $7.15 per share, with a total value 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 through this link. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of institutional investors have recently modified their holdings of ADVM. Apexium Financial LP acquired a new position in Adverum Biotechnologies during the 4th quarter valued at about $45,000. Bank of New York Mellon Corp acquired a new position in Adverum Biotechnologies during the 2nd quarter valued at about $443,000. Monaco Asset Management SAM boosted its stake in Adverum Biotechnologies by 33.8% during the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after purchasing an additional 20,000 shares during the period. Twin Focus Capital Partners LLC acquired a new position in Adverum Biotechnologies during the 4th quarter valued at about $75,000. Finally, Picton Mahoney Asset Management acquired a new position in Adverum Biotechnologies during the 1st quarter valued at about $1,755,000. Institutional investors 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.