Analysts Set Adverum Biotechnologies, Inc. (NASDAQ:ADVM) PT at $27.83

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has earned an average rating of “Moderate Buy” from the six research firms that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $27.83.

Several research analysts have issued reports on ADVM shares. HC Wainwright reissued a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, November 19th. StockNews.com cut Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. Finally, Royal Bank of Canada lowered their price objective on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 5th.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ:ADVM opened at $4.71 on Monday. The stock has a market capitalization of $97.98 million, a price-to-earnings ratio of -0.79 and a beta of 0.94. The stock’s 50-day simple moving average is $4.44 and its two-hundred day simple moving average is $6.08. Adverum Biotechnologies has a 52-week low of $3.52 and a 52-week high of $20.90.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in Adverum Biotechnologies during the 3rd quarter valued at approximately $74,000. BML Capital Management LLC raised its stake in Adverum Biotechnologies by 15.4% during the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after purchasing an additional 302,064 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Adverum Biotechnologies during the 3rd quarter valued at approximately $93,000. BNP Paribas Financial Markets raised its stake in Adverum Biotechnologies by 177.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 2,649 shares during the period. Finally, MetLife Investment Management LLC raised its stake 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 purchasing an additional 7,089 shares during the period. 48.17% of the stock is owned by hedge funds and other institutional investors.

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.