Adverum Biotechnologies (NASDAQ:ADVM) Given New Price Target at Piper Sandler

Adverum Biotechnologies (NASDAQ:ADVM) had its price objective raised by Piper Sandler from to in a research report sent to investors on Monday, The Fly reports. They currently have an overweight rating on the biotechnology company’s stock. Piper Sandler also issued estimates for Adverum Biotechnologies’ FY2024 earnings at ($1.45) EPS.

A number of other brokerages also recently weighed in on ADVM. Zacks Investment Research downgraded Adverum Biotechnologies from a hold rating to a sell rating in a report on Friday, January 3rd. Chardan Capital lifted their target price on Adverum Biotechnologies from $6.00 to $10.00 and gave the stock a neutral rating in a report on Tuesday, October 15th. Cantor Fitzgerald reiterated a neutral rating and issued a $8.00 target price (up from $3.00) on shares of Adverum Biotechnologies in a report on Tuesday, September 17th. Piper Jaffray Companies lifted their target price on Adverum Biotechnologies from $14.00 to $20.00 and gave the stock an overweight rating in a report on Monday. Finally, ValuEngine upgraded Adverum Biotechnologies from a sell rating to a hold rating in a report on Friday, November 1st. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and an average target price of $12.33.

Shares of ADVM stock opened at $11.33 on Monday. The company has a market cap of $736.95 million, a P/E ratio of -9.60 and a beta of 2.76. The stock has a 50 day simple moving average of $11.13 and a two-hundred day simple moving average of $10.17. The company has a debt-to-equity ratio of 0.14, a quick ratio of 9.44 and a current ratio of 9.44. Adverum Biotechnologies has a fifty-two week low of $2.90 and a fifty-two week high of $16.38.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.25) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.02. The business had revenue of $0.25 million during the quarter, compared to the consensus estimate of $0.48 million. On average, research analysts predict that Adverum Biotechnologies will post -1.01 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can bought a new stake in shares of Adverum Biotechnologies during the second quarter valued at approximately $54,000. BB&T Securities LLC bought a new stake in shares of Adverum Biotechnologies during the third quarter valued at approximately $85,000. Tower Research Capital LLC TRC bought a new stake in shares of Adverum Biotechnologies during the third quarter valued at approximately $90,000. Virtu Financial LLC bought a new stake in shares of Adverum Biotechnologies during the third quarter valued at approximately $98,000. Finally, Metropolitan Life Insurance Co NY bought a new stake in shares of Adverum Biotechnologies during the first quarter valued at approximately $108,000. Hedge funds and other institutional investors own 75.52% of the company’s stock.

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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Analyst Recommendations for Adverum Biotechnologies (NASDAQ:ADVM)

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