Adverum Biotechnologies, Inc. (NASDAQ:ADVM) has recently garnered attention from analysts, who have established a consensus rating of “Hold” for the biotechnology firm. According to MarketBeat Ratings, this rating comes from six analysts covering the company. The breakdown reveals one analyst has issued a sell recommendation, four have a hold recommendation, and one has rated the stock as a buy. The average price target for Adverum’s shares over the next twelve months is set at **$10.50**.
Recent Analyst Ratings and Price Targets
Several financial institutions have evaluated Adverum Biotechnologies’ stock performance and provided updated price targets. Notably, HC Wainwright reaffirmed a “neutral” rating on **November 17, 2023**, significantly lowering its price objective from **$30.00** to **$5.00**. Mizuho set a more conservative target price of **$5.50** in a report dated **October 29, 2023**. Weiss Ratings also maintained a cautious stance, reaffirming a “sell (d-)” rating on **October 8, 2023**.
In another shift, Chardan Capital reduced its rating from “strong-buy” to “hold” on **October 27, 2023**. Lastly, the Royal Bank of Canada established a price objective of **$4.00** on **October 28, 2023**.
Current Stock Performance and Market Outlook
As of the latest trading session, shares of Adverum Biotechnologies opened at **$4.12**, reflecting a **0.5%** decrease. The stock has experienced notable volatility, with a fifty-two week low of **$1.78** and a high of **$6.98**. The company’s fifty-day moving average stands at **$4.33**, while its two-hundred-day moving average is at **$3.22**. Adverum boasts a market capitalization of approximately **$90.96 million** and a price-to-earnings ratio of **-0.52**.
Adverum Biotechnologies announced its earnings results on **November 12, 2023**, revealing an earnings per share (EPS) of **($2.03)** for the quarter, which fell short of analysts’ consensus estimate of **($1.80)** by **$0.23**. Looking ahead, equity analysts project that the company will post an EPS of **-4.92** for the current fiscal year.
Significant changes in institutional holdings have also been observed. BML Capital Management LLC increased its position in Adverum by **20.9%** during the first quarter, now owning **2,742,317** shares valued at approximately **$11.98 million**. Other major investors, such as Invesco Ltd. and Nuveen LLC, have also acquired new positions in the company, indicating a continued interest in Adverum’s potential.
Approximately **48.17%** of the stock is currently held by hedge funds and institutional investors, underscoring the importance of larger players in the company’s market dynamics.
Adverum Biotechnologies is a clinical-stage company focused on developing gene therapy products aimed at treating ocular diseases. Its lead product candidate, **ixoberogene soroparvovec (ADVM-022)**, is currently undergoing phase 2 clinical trials for the treatment of patients with wet age-related macular degeneration and diabetic macular edema.
As analysts continue to monitor the company’s performance, the next few quarters will be critical in determining whether Adverum can regain investor confidence and meet its ambitious goals in the biotechnology sector.