Adverum Biotechnologies (NASDAQ:ADVM) Price Target Cut to $10.00 by Analysts at Royal Bank of Canada

by · The Cerbat Gem

Adverum Biotechnologies (NASDAQ:ADVM – Get Free Report) had its price target cut by analysts at Royal Bank of Canada from $12.00 to $10.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 31.93% from the company’s current price.

A number of other research analysts have also weighed in on the company. Truist Financial reduced their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Chardan Capital upped their target price on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, July 18th. StockNews.com raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Finally, HC Wainwright reissued a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $27.83.

View Our Latest Research Report on ADVM

Adverum Biotechnologies Stock Up 0.5 %

Shares of NASDAQ:ADVM traded up $0.04 during mid-day trading on Tuesday, reaching $7.58. 22,443 shares of the stock were exchanged, compared to its average volume of 279,032. The company has a market cap of $157.67 million, a P/E ratio of -0.95 and a beta of 1.02. The stock’s 50 day simple moving average is $7.35 and its 200-day simple moving average is $7.74. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM – Get Free Report) last released 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 during the quarter, compared to analysts’ expectations of $0.50 million. Analysts anticipate that Adverum Biotechnologies will post -4.64 EPS for the current fiscal year.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. raised its position in Adverum Biotechnologies by 72.3% in the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock valued at $4,239,000 after purchasing an additional 259,191 shares during the period. Avoro Capital Advisors LLC acquired a new position in Adverum Biotechnologies in the 1st quarter valued at about $5,892,000. Dimensional Fund Advisors LP lifted its position in Adverum Biotechnologies by 741.8% in the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after purchasing an additional 196,884 shares during the period. Marshall Wace LLP boosted its stake in shares of Adverum Biotechnologies by 52.9% in the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after buying an additional 70,768 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock worth $935,000 after purchasing an additional 3,169 shares during the last quarter. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Adverum Biotechnologies Company Profile

(Get Free Report)

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.

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