Adverum Biotechnologies (NASDAQ:ADVM) Coverage Initiated at HC Wainwright

HC Wainwright assumed coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research note issued to investors on Tuesday morning, Marketbeat reports. The firm issued a buy rating and a $30.00 price target on the biotechnology company’s stock. HC Wainwright also issued estimates for Adverum Biotechnologies’ Q1 2024 earnings at ($1.23) EPS, Q2 2024 earnings at ($1.27) EPS, Q3 2024 earnings at ($1.31) EPS, Q4 2024 earnings at ($1.35) EPS, FY2024 earnings at ($5.17) EPS, FY2025 earnings at ($5.75) EPS, FY2026 earnings at ($6.46) EPS, FY2027 earnings at ($7.05) EPS and FY2028 earnings at ($5.14) EPS.

Several other equities analysts have also issued reports on the company. Mizuho reduced their target price on Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating for the company in a report on Monday, April 29th. Chardan Capital reaffirmed a buy rating and set a $4.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th. Finally, StockNews.com raised shares of Adverum Biotechnologies from a sell rating to a hold rating in a report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $29.00.

Adverum Biotechnologies Trading Up 4.3 %

Shares of NASDAQ:ADVM opened at $10.43 on Tuesday. The stock has a market cap of $216.47 million, a PE ratio of -0.90 and a beta of 0.89. The stock’s fifty day simple moving average is $14.56 and its two-hundred day simple moving average is $12.04. Adverum Biotechnologies has a 1-year low of $7.40 and a 1-year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Monday, March 18th. The biotechnology company reported ($2.30) EPS for the quarter, beating the consensus estimate of ($2.80) by $0.50. On average, sell-side analysts forecast that Adverum Biotechnologies will post -5.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Adverum Biotechnologies

In other news, Director James Paul Scopa purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was bought at an average price of $13.50 per share, for a total transaction of $135,000.00. Following the purchase, the director now owns 10,000 shares of the company’s stock, valued at $135,000. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. purchased a new stake in shares of Adverum Biotechnologies during the first quarter worth $5,072,000. Vivo Capital LLC purchased a new stake in Adverum Biotechnologies during the 1st quarter worth about $21,210,000. Twin Focus Capital Partners LLC bought a new position in Adverum Biotechnologies in the 4th quarter worth about $75,000. AIGH Capital Management LLC grew its holdings in Adverum Biotechnologies by 139.6% during the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock valued at $2,388,000 after buying an additional 1,848,834 shares in the last quarter. Finally, Worth Venture Partners LLC increased its position in shares of Adverum Biotechnologies by 136.5% during the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after buying an additional 452,678 shares during the period. 48.17% of the stock is owned by institutional investors.

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.