Cantor Fitzgerald started coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a report released on Thursday, Marketbeat.com reports. The brokerage issued an overweight rating and a $12.00 price objective on the biotechnology company’s stock.

Several other analysts have also issued reports on ADVM. ValuEngine lowered shares of Adverum Biotechnologies from a buy rating to a hold rating in a research report on Friday, September 14th. BidaskClub lowered shares of Adverum Biotechnologies from a strong-buy rating to a buy rating in a research report on Tuesday, June 12th. Zacks Investment Research lowered shares of Adverum Biotechnologies from a hold rating to a sell rating in a research report on Tuesday, July 10th. Chardan Capital reaffirmed a hold rating and set a $8.00 price target on shares of Adverum Biotechnologies in a research report on Thursday, August 9th. Finally, SunTrust Banks began coverage on shares of Adverum Biotechnologies in a research report on Thursday, August 30th. They set a buy rating and a $11.00 price target on the stock. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $9.29.

Shares of ADVM stock opened at $5.90 on Thursday. The firm has a market capitalization of $369.89 million, a PE ratio of -4.57 and a beta of 3.80. Adverum Biotechnologies has a 12 month low of $2.85 and a 12 month high of $8.59.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Wednesday, August 8th. The biotechnology company reported ($0.30) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.01. Adverum Biotechnologies had a negative net margin of 3,957.63% and a negative return on equity of 30.61%. The business had revenue of $0.49 million for the quarter, compared to analyst estimates of $0.40 million. research analysts forecast that Adverum Biotechnologies will post -1.22 EPS for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of ADVM. Metropolitan Life Insurance Co. NY acquired a new position in shares of Adverum Biotechnologies in the second quarter valued at $106,000. Voya Investment Management LLC acquired a new position in shares of Adverum Biotechnologies in the second quarter valued at $107,000. Creative Planning increased its holdings in shares of Adverum Biotechnologies by 76.8% in the second quarter. Creative Planning now owns 22,870 shares of the biotechnology company’s stock valued at $121,000 after purchasing an additional 9,937 shares during the last quarter. MetLife Investment Advisors LLC acquired a new position in shares of Adverum Biotechnologies in the second quarter valued at $150,000. Finally, Trexquant Investment LP acquired a new position in shares of Adverum Biotechnologies in the first quarter valued at $184,000. 58.45% of the stock is currently owned by hedge funds and other institutional investors.

Adverum Biotechnologies Company Profile

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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Analyst Recommendations for Adverum Biotechnologies (NASDAQ:ADVM)

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