Adverum Biotechnologies (ADVM) PT Raised to $12.00

Adverum Biotechnologies (NASDAQ:ADVM) had its target price lifted by equities research analysts at Piper Jaffray Companies from $8.00 to $12.00 in a research note issued on Friday, The Fly reports. The brokerage currently has an “overweight” rating on the biotechnology company’s stock. Piper Jaffray Companies’ price target suggests a potential upside of 32.60% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Adverum Biotechnologies from a “hold” rating to a “buy” rating and set a $5.25 price target on the stock in a report on Tuesday, March 12th. BidaskClub upgraded shares of Adverum Biotechnologies from a “hold” rating to a “buy” rating in a report on Wednesday, March 6th. ValuEngine upgraded shares of Adverum Biotechnologies from a “hold” rating to a “buy” rating in a report on Tuesday, April 23rd. Finally, Cowen reiterated a “buy” rating on shares of Adverum Biotechnologies in a report on Thursday. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company’s stock. Adverum Biotechnologies presently has an average rating of “Buy” and a consensus target price of $8.10.

Shares of NASDAQ:ADVM opened at $9.05 on Friday. Adverum Biotechnologies has a twelve month low of $2.62 and a twelve month high of $9.17. The company has a current ratio of 18.20, a quick ratio of 18.20 and a debt-to-equity ratio of 0.12.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Wednesday, May 8th. The biotechnology company reported ($0.23) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.27) by $0.04. Adverum Biotechnologies had a negative net margin of 4,505.40% and a negative return on equity of 30.98%. On average, sell-side analysts anticipate that Adverum Biotechnologies will post -1.12 earnings per share for the current year.

In other news, Director James Paul Scopa acquired 20,000 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were acquired at an average price of $6.71 per share, with a total value of $134,200.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 5.00% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. RTW Investments LP grew its stake in shares of Adverum Biotechnologies by 3,285.4% during the 4th quarter. RTW Investments LP now owns 6,256,840 shares of the biotechnology company’s stock worth $19,709,000 after purchasing an additional 6,072,019 shares during the period. BlackRock Inc. grew its stake in shares of Adverum Biotechnologies by 20.4% during the 4th quarter. BlackRock Inc. now owns 4,443,970 shares of the biotechnology company’s stock worth $14,000,000 after purchasing an additional 753,735 shares during the period. Renaissance Technologies LLC grew its stake in shares of Adverum Biotechnologies by 2.1% during the 1st quarter. Renaissance Technologies LLC now owns 3,794,300 shares of the biotechnology company’s stock worth $19,882,000 after purchasing an additional 76,533 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Adverum Biotechnologies by 12.7% during the 1st quarter. JPMorgan Chase & Co. now owns 3,297,793 shares of the biotechnology company’s stock worth $17,281,000 after purchasing an additional 371,461 shares during the period. Finally, Vanguard Group Inc grew its stake in shares of Adverum Biotechnologies by 1.9% during the 3rd quarter. Vanguard Group Inc now owns 2,246,018 shares of the biotechnology company’s stock worth $13,589,000 after purchasing an additional 42,684 shares during the period. 59.75% of the stock is currently owned by institutional investors and hedge funds.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.

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