Adverum Biotechnologies (NASDAQ:ADVM) Price Target Cut to $12.00 by Analysts at Royal Bank of Canada

Adverum Biotechnologies (NASDAQ:ADVM) had its target price reduced by analysts at Royal Bank of Canada from $15.00 to $12.00 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 objective indicates a potential upside of 79.64% from the stock’s current price.

ADVM has been the subject of several other research reports. StockNews.com downgraded shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. Mizuho lowered their price objective on Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 29th. 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. HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research report on Friday, May 10th. Finally, Oppenheimer started coverage on shares of Adverum Biotechnologies in a report on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $31.50.

Adverum Biotechnologies Price Performance

Shares of ADVM stock traded up $0.19 on Tuesday, hitting $6.68. 90,077 shares of the company’s stock were exchanged, compared to its average volume of 313,726. Adverum Biotechnologies has a 12 month low of $6.38 and a 12 month high of $29.70. The company has a 50 day moving average of $7.41 and a 200 day moving average of $11.62. The stock has a market cap of $138.66 million, a P/E ratio of -0.66 and a beta of 1.07.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.47) by $0.58. Sell-side analysts predict that Adverum Biotechnologies will post -5.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Braden Michael Leonard acquired 85,800 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were bought at an average cost of $7.15 per share, with a total value of $613,470.00. Following the acquisition, the insider now owns 2,268,064 shares in the company, valued at approximately $16,216,657.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Adverum Biotechnologies

Hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its stake in shares of Adverum Biotechnologies by 2.4% in the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after acquiring an additional 3,169 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake 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 worth $1,533,000 after acquiring an additional 196,884 shares during the period. Rhumbline Advisers boosted its holdings in Adverum Biotechnologies by 10,419.1% in 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 in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Adverum Biotechnologies in the 2nd quarter worth about $443,000. Finally, Assenagon Asset Management S.A. increased its position in shares of Adverum Biotechnologies by 72.3% during 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 buying an additional 259,191 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.