Adverum Biotechnologies (NASDAQ:ADVM) Given New $33.00 Price Target at Chardan Capital

Adverum Biotechnologies (NASDAQ:ADVM) had its price target lowered by Chardan Capital from $40.00 to $33.00 in a research report sent to investors on Thursday,Benzinga reports. Chardan Capital currently has a buy rating on the biotechnology company’s stock.

Several other analysts have also commented on the stock. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research report on Wednesday. StockNews.com cut Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Thursday, December 19th. Finally, Royal Bank of Canada cut their price target on Adverum Biotechnologies from $10.00 to $5.00 and set a “sector perform” rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Adverum Biotechnologies has a consensus rating of “Moderate Buy” and a consensus target price of $25.83.

Adverum Biotechnologies Price Performance

ADVM opened at $2.93 on Thursday. Adverum Biotechnologies has a 1-year low of $2.75 and a 1-year high of $11.87. The stock has a market cap of $60.95 million, a P/E ratio of -0.49 and a beta of 1.10. The stock’s 50 day simple moving average is $4.23 and its 200 day simple moving average is $5.40.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.34) by ($0.62). Research analysts expect that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Insider Buying and Selling at Adverum Biotechnologies

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard purchased 62,341 shares of the firm’s stock in a transaction on Tuesday, March 18th. The shares were purchased at an average cost of $4.69 per share, with a total value of $292,379.29. Following the purchase, the insider now owns 2,667,161 shares in the company, valued at approximately $12,508,985.09. This represents a 2.39 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders acquired 148,123 shares of company stock worth $714,040. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets boosted its holdings in shares of Adverum Biotechnologies by 177.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 2,649 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in Adverum Biotechnologies by 27.8% in the fourth quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock valued at $57,000 after acquiring an additional 2,659 shares during the last quarter. American Century Companies Inc. grew its position in Adverum Biotechnologies by 36.6% during the fourth quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock valued at $76,000 after acquiring an additional 4,362 shares during the period. JPMorgan Chase & Co. increased its stake in Adverum Biotechnologies by 226.6% during the fourth quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company’s stock worth $143,000 after acquiring an additional 21,274 shares during the last quarter. Finally, Corton Capital Inc. purchased a new position in Adverum Biotechnologies in the fourth quarter valued at approximately $153,000. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

About Adverum Biotechnologies

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.