Adverum Biotechnologies (NASDAQ:ADVM) Upgraded to “Strong-Buy” by BidaskClub

BidaskClub upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a buy rating to a strong-buy rating in a research note issued to investors on Thursday, BidAskClub reports.

A number of other brokerages have also recently issued reports on ADVM. Piper Sandler upped their target price on shares of Adverum Biotechnologies from to and gave the company an overweight rating in a report on Monday, January 13th. ValuEngine raised shares of Adverum Biotechnologies from a sell rating to a hold rating in a report on Friday, November 1st. Chardan Capital raised shares of Adverum Biotechnologies from a neutral rating to a buy rating and upped their target price for the company from $10.00 to $20.00 in a report on Monday. Cantor Fitzgerald raised shares of Adverum Biotechnologies from a neutral rating to an overweight rating and upped their target price for the company from $8.00 to $21.00 in a report on Sunday, February 9th. Finally, Zacks Investment Research raised shares of Adverum Biotechnologies from a sell rating to a hold rating in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $17.00.

Shares of ADVM stock traded up $0.52 on Thursday, reaching $15.79. The stock had a trading volume of 1,313,081 shares, compared to its average volume of 1,536,087. The company has a quick ratio of 9.44, a current ratio of 9.44 and a debt-to-equity ratio of 0.14. The firm’s 50-day moving average is $11.44 and its two-hundred day moving average is $9.85. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of -16.45 and a beta of 2.68. Adverum Biotechnologies has a 12 month low of $3.47 and a 12 month high of $16.38.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Metropolitan Life Insurance Co NY bought a new stake in shares of Adverum Biotechnologies during the 1st quarter worth $108,000. Vanguard Group Inc. boosted its stake in shares of Adverum Biotechnologies by 19.2% during the 2nd quarter. Vanguard Group Inc. now owns 2,524,477 shares of the biotechnology company’s stock worth $30,016,000 after acquiring an additional 406,963 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in shares of Adverum Biotechnologies during the 2nd quarter worth $2,559,000. BB&T Securities LLC purchased a new stake in shares of Adverum Biotechnologies in the third quarter valued at $85,000. Finally, California Public Employees Retirement System lifted its holdings in shares of Adverum Biotechnologies by 167.5% in the third quarter. California Public Employees Retirement System now owns 134,046 shares of the biotechnology company’s stock valued at $731,000 after purchasing an additional 83,939 shares in the last quarter. Institutional investors and hedge funds own 76.58% 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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