Adverum Biotechnologies (NASDAQ:ADVM) Given New $10.00 Price Target at Royal Bank of Canada

Adverum Biotechnologies (NASDAQ:ADVM) had its target price reduced by Royal Bank of Canada from $12.00 to $10.00 in a report released on Tuesday, Benzinga reports. They currently have a sector perform rating on the biotechnology company’s stock.

Other equities research analysts have also recently issued research reports about the company. Truist Financial lowered their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Chardan Capital lifted their price objective on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. StockNews.com upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Thursday, August 15th. Finally, HC Wainwright reiterated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $27.83.

Adverum Biotechnologies Stock Up 2.4 %

NASDAQ:ADVM opened at $7.72 on Tuesday. Adverum Biotechnologies has a 52-week low of $6.38 and a 52-week high of $29.70. The stock has a fifty day simple moving average of $7.36 and a 200-day simple moving average of $7.71. The company has a market capitalization of $160.58 million, a PE ratio of -0.97 and a beta of 1.02.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The business had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million. As a group, equities analysts anticipate that Adverum Biotechnologies will post -4.64 earnings per share for the current year.

Institutional Trading of Adverum Biotechnologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its stake in shares of Adverum Biotechnologies by 2.4% during the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after buying an additional 3,169 shares during the period. SG Americas Securities LLC purchased a new stake in Adverum Biotechnologies during the third quarter valued at about $74,000. Rhumbline Advisers grew its position in Adverum Biotechnologies by 10,419.1% during the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 30,528 shares during the period. Bank of New York Mellon Corp acquired a new stake in Adverum Biotechnologies during the second quarter worth about $443,000. Finally, Marshall Wace LLP raised its holdings in shares of Adverum Biotechnologies by 52.9% in the 2nd quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock worth $1,404,000 after purchasing an additional 70,768 shares during the period. Hedge funds and other institutional investors own 48.17% of the company’s stock.

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.