Adverum Biotechnologies Inc (ADVM) Receives Average Rating of “Hold” from Brokerages
Shares of Adverum Biotechnologies Inc (NASDAQ:ADVM) have been assigned an average rating of “Hold” from the eight ratings firms that are presently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $5.13.
ADVM has been the subject of several research analyst reports. BidaskClub upgraded shares of Adverum Biotechnologies from a “hold” rating to a “buy” rating in a research note on Tuesday, August 14th. Zacks Investment Research upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Wednesday, August 15th. SunTrust Banks initiated coverage on shares of Adverum Biotechnologies in a research note on Thursday, August 30th. They issued a “buy” rating and a $11.00 price objective for the company. ValuEngine upgraded shares of Adverum Biotechnologies from a “hold” rating to a “buy” rating in a research note on Thursday, August 30th. Finally, Cantor Fitzgerald started coverage on shares of Adverum Biotechnologies in a research note on Thursday, September 20th. They issued an “overweight” rating and a $12.00 price objective for the company.
NASDAQ:ADVM opened at $3.64 on Monday. The firm has a market capitalization of $228.84 million, a PE ratio of -2.82 and a beta of 3.78. Adverum Biotechnologies has a twelve month low of $2.62 and a twelve month high of $8.59.
Hedge funds have recently made changes to their positions in the business. Metropolitan Life Insurance Co. NY bought a new stake in Adverum Biotechnologies during the 2nd quarter valued at $106,000. Voya Investment Management LLC bought a new stake in Adverum Biotechnologies during the 2nd quarter valued at $107,000. MetLife Investment Advisors LLC bought a new stake in Adverum Biotechnologies during the 2nd quarter valued at $150,000. Dynamic Technology Lab Private Ltd bought a new stake in Adverum Biotechnologies during the 3rd quarter valued at $155,000. Finally, Wells Fargo & Company MN increased its stake in Adverum Biotechnologies by 169.5% during the 3rd quarter. Wells Fargo & Company MN now owns 34,142 shares of the biotechnology company’s stock valued at $206,000 after purchasing an additional 21,474 shares in the last quarter. Institutional investors and hedge funds own 54.93% of the company’s stock.
About Adverum Biotechnologies
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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