Adverum Biotechnologies (ADVM) Gets a Buy Rating from Chardan Capital

By Jason Carr

Chardan Capital analyst Gbola Amusa reiterated a Buy rating on Adverum Biotechnologies (ADVMResearch Report) yesterday and set a price target of $20.00. The company’s shares closed last Monday at $10.50.

According to, Amusa is a top 100 analyst with an average return of 21.9% and a 47.8% success rate. Amusa covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Voyager Therapeutics, and Solid Biosciences.

Currently, the analyst consensus on Adverum Biotechnologies is a Strong Buy with an average price target of $18.20, representing a 90.8% upside. In a report issued on March 16, Leerink Partners also initiated coverage with a Buy rating on the stock with a $17.00 price target.

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Based on Adverum Biotechnologies’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $18.93 million. In comparison, last year the company had a GAAP net loss of $15.66 million.

Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ADVM in relation to earlier this year.

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Adverum Biotechnologies, Inc. is a clinical-stage biotechnology company that engages in the development of novel gene therapies to treat patients with sight-threatening ophthalmic diseases. It focuses on treatment of wet age-related macular degeneration, alpha-1 antitrypsin deficiency, hereditary angioedema, friedreich’s ataxia, severe allergy, color vision deficiency, and juvenile x-linked retinoschisis. The company was founded by Mark S. Blumenkranz, Thomas W. Chalberg, Jr., Mitchell H. Finer and Steven Daniel Schwartz on July 17, 2006 and is headquartered in Menlo Park, CA.