Adverum Biotechnologies (ADVM) Given a $8.00 Price Target by Piper Jaffray Companies Analysts

Adverum Biotechnologies (NASDAQ:ADVM) has been given a $8.00 price target by analysts at Piper Jaffray Companies in a note issued to investors on Friday, The Fly reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Piper Jaffray Companies’ price objective would suggest a potential upside of 139.52% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Cantor Fitzgerald set a $12.00 price objective on shares of Adverum Biotechnologies and gave the company a “buy” rating in a report on Wednesday, October 3rd. BidaskClub cut shares of Adverum Biotechnologies from a “strong-buy” rating to a “buy” rating in a report on Friday, September 21st. ValuEngine upgraded shares of Adverum Biotechnologies from a “hold” rating to a “buy” rating in a report on Thursday, August 30th. SunTrust Banks began coverage on shares of Adverum Biotechnologies in a report on Thursday, August 30th. They set a “buy” rating and a $11.00 price target for the company. Finally, Zacks Investment Research upgraded shares of Adverum Biotechnologies from a “hold” rating to a “buy” rating and set a $6.75 price target for the company in a report on Monday, August 27th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $8.45.

Shares of ADVM stock opened at $3.34 on Friday. Adverum Biotechnologies has a fifty-two week low of $2.62 and a fifty-two week high of $8.59.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Wednesday, August 8th. The biotechnology company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.01. The firm had revenue of $0.49 million during the quarter, compared to analysts’ expectations of $0.40 million. Adverum Biotechnologies had a negative net margin of 3,957.63% and a negative return on equity of 30.61%. On average, sell-side analysts expect that Adverum Biotechnologies will post -1.23 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of ADVM. BlackRock Inc. grew its holdings in Adverum Biotechnologies by 377.4% during the 2nd quarter. BlackRock Inc. now owns 3,307,449 shares of the biotechnology company’s stock worth $17,528,000 after acquiring an additional 2,614,657 shares in the last quarter. Millennium Management LLC grew its holdings in Adverum Biotechnologies by 591.0% during the 1st quarter. Millennium Management LLC now owns 1,668,299 shares of the biotechnology company’s stock worth $9,676,000 after acquiring an additional 1,426,877 shares in the last quarter. Northern Trust Corp grew its holdings in Adverum Biotechnologies by 480.2% during the 2nd quarter. Northern Trust Corp now owns 579,244 shares of the biotechnology company’s stock worth $3,070,000 after acquiring an additional 479,406 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Adverum Biotechnologies by 36.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,606,407 shares of the biotechnology company’s stock worth $8,514,000 after acquiring an additional 427,215 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Adverum Biotechnologies by 259.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 186,599 shares of the biotechnology company’s stock worth $989,000 after acquiring an additional 134,709 shares in the last quarter. Institutional investors own 58.43% 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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