Piper Jaffray Companies set a $8.00 target price on Adverum Biotechnologies (NASDAQ:ADVM) in a research note released on Friday, The Fly reports. The firm currently has a buy rating on the biotechnology company’s stock.
ADVM has been the subject of a number of other research reports. BidaskClub lowered Adverum Biotechnologies from a buy rating to a hold rating in a report on Friday, August 3rd. SunTrust Banks initiated coverage on Adverum Biotechnologies in a report on Thursday, August 30th. They set a buy rating and a $11.00 target price for the company. ValuEngine lowered Adverum Biotechnologies from a buy rating to a hold rating in a report on Friday, September 14th. Cantor Fitzgerald set a $12.00 target price on Adverum Biotechnologies and gave the stock a buy rating in a report on Wednesday, October 3rd. Finally, Chardan Capital restated a hold rating and set a $8.00 target price on shares of Adverum Biotechnologies in a report on Thursday, August 9th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $6.85.
Shares of NASDAQ ADVM opened at $3.34 on Friday. The company has a market capitalization of $209.40 million, a P/E ratio of -2.59 and a beta of 3.83. Adverum Biotechnologies has a 52-week low of $2.62 and a 52-week high of $8.59.
Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Wednesday, August 8th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.01. The firm had revenue of $0.49 million during the quarter, compared to analyst estimates of $0.40 million. Adverum Biotechnologies had a negative return on equity of 30.61% and a negative net margin of 3,957.63%. As a group, research analysts expect that Adverum Biotechnologies will post -1.23 EPS for the current fiscal year.
A number of institutional investors have recently bought and sold shares of ADVM. Northern Trust Corp lifted its holdings in Adverum Biotechnologies by 24.3% during the first quarter. Northern Trust Corp now owns 99,838 shares of the biotechnology company’s stock worth $579,000 after buying an additional 19,488 shares during the period. BlackRock Inc. lifted its holdings in Adverum Biotechnologies by 73.7% during the first quarter. BlackRock Inc. now owns 692,792 shares of the biotechnology company’s stock worth $4,019,000 after buying an additional 293,975 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Adverum Biotechnologies by 25.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,179,192 shares of the biotechnology company’s stock worth $6,839,000 after buying an additional 239,581 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in Adverum Biotechnologies during the first quarter worth $262,000. Finally, Millennium Management LLC lifted its holdings in Adverum Biotechnologies by 591.0% during the first quarter. Millennium Management LLC now owns 1,668,299 shares of the biotechnology company’s stock worth $9,676,000 after buying an additional 1,426,877 shares during the period. Institutional investors own 58.39% 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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