HC Wainwright Reaffirms Buy Rating for Adverum Biotechnologies (NASDAQ:ADVM)

HC Wainwright reiterated their buy rating on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has a $30.00 price objective on the biotechnology company’s stock.

Other equities analysts have also recently issued research reports about the stock. Truist Financial lowered their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Finally, Royal Bank of Canada lowered their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Adverum Biotechnologies currently has an average rating of “Moderate Buy” and a consensus target price of $27.83.

Adverum Biotechnologies Stock Performance

ADVM opened at $6.04 on Tuesday. The stock has a market capitalization of $125.64 million, a P/E ratio of -0.97 and a beta of 1.02. The company’s 50-day simple moving average is $7.42 and its two-hundred day simple moving average is $7.51. Adverum Biotechnologies has a 52-week low of $5.69 and a 52-week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The business had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.50 million. Research analysts forecast that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Adverum Biotechnologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Barclays PLC increased its holdings in Adverum Biotechnologies by 125.8% in the 3rd quarter. Barclays PLC now owns 35,832 shares of the biotechnology company’s stock worth $252,000 after acquiring an additional 19,965 shares in the last quarter. Zacks Investment Management purchased a new stake in Adverum Biotechnologies in the 3rd quarter worth approximately $89,000. State Street Corp increased its holdings in Adverum Biotechnologies by 32.7% in the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock worth $2,595,000 after acquiring an additional 91,112 shares in the last quarter. Captrust Financial Advisors purchased a new stake in Adverum Biotechnologies in the 3rd quarter worth approximately $71,000. Finally, MetLife Investment Management LLC grew its holdings in Adverum Biotechnologies by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after buying an additional 7,089 shares in the last quarter. 48.17% of the stock is owned by hedge funds and other institutional investors.

Adverum Biotechnologies Company Profile

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.