Shares of Adverum Biotechnologies Inc (NASDAQ:ADVM) have been assigned an average recommendation of “Hold” from the seven ratings firms that are presently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $10.75.
Several equities research analysts have issued reports on ADVM shares. Zacks Investment Research raised Adverum Biotechnologies from a “hold” rating to a “buy” rating and set a $6.75 target price for the company in a research note on Monday, August 27th. Cantor Fitzgerald initiated coverage on Adverum Biotechnologies in a research report on Thursday, September 20th. They set an “overweight” rating and a $12.00 price target for the company. ValuEngine lowered Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Chardan Capital restated a “hold” rating and set a $8.00 price target on shares of Adverum Biotechnologies in a research report on Thursday, August 9th. Finally, BidaskClub upgraded Adverum Biotechnologies from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 31st.
ADVM stock opened at $4.49 on Friday. The firm has a market cap of $294.66 million, a price-to-earnings ratio of -3.48 and a beta of 3.82. Adverum Biotechnologies has a 52-week low of $2.85 and a 52-week high of $8.59.
Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results on Wednesday, August 8th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.01. The company had revenue of $0.49 million during the quarter, compared to analysts’ expectations of $0.40 million. Adverum Biotechnologies had a negative return on equity of 30.61% and a negative net margin of 3,957.63%. Equities analysts expect that Adverum Biotechnologies will post -1.23 EPS for the current year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ADVM. BlackRock Inc. boosted its position in shares of Adverum Biotechnologies by 377.4% during the second quarter. BlackRock Inc. now owns 3,307,449 shares of the biotechnology company’s stock worth $17,528,000 after buying an additional 2,614,657 shares during the period. Millennium Management LLC boosted its holdings in Adverum Biotechnologies by 591.0% in the first quarter. Millennium Management LLC now owns 1,668,299 shares of the biotechnology company’s stock valued at $9,676,000 after purchasing an additional 1,426,877 shares during the period. Northern Trust Corp boosted its holdings in Adverum Biotechnologies by 480.2% in the second quarter. Northern Trust Corp now owns 579,244 shares of the biotechnology company’s stock valued at $3,070,000 after purchasing an additional 479,406 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Adverum Biotechnologies by 36.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,606,407 shares of the biotechnology company’s stock valued at $8,514,000 after purchasing an additional 427,215 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Adverum Biotechnologies by 259.6% in the second quarter. Bank of New York Mellon Corp now owns 186,599 shares of the biotechnology company’s stock valued at $989,000 after purchasing an additional 134,709 shares during the period. Institutional investors and hedge funds own 58.42% of the company’s stock.
Adverum Biotechnologies Company Profile
Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates that target serious rare and ocular diseases. It leverages its adeno-associated virus (AAV)-based directed evolution platform to develop products. The company's pipeline of product candidates include ADVM-043 to treat alpha-1 antitrypsin deficiency, which is in Phase I/II clinical trial; and ADVM-053 for hereditary angioedema disease, which is in preclinical stage; as well as ADVM-022 and ADVM-032 for wet age-related macular degeneration disease, which are in preclinical stage.
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