Adverum Biotechnologies (ADVM) Received its Third Buy in a Row

By Ryan Adsit

After SunTrust Robinson and Piper Sandler gave Adverum Biotechnologies (NASDAQ: ADVM) a Buy rating last month, the company received another Buy, this time from Chardan Capital. Analyst Gbola Amusa reiterated a Buy rating on Adverum Biotechnologies today. The company’s shares closed last Friday at $20.63.

According to TipRanks.com, Amusa is a top 100 analyst with an average return of 27.1% and a 53.0% success rate. Amusa covers the Healthcare sector, focusing on stocks such as Axovant Gene Therapies, Catalyst Biosciences, and Voyager Therapeutics.

Currently, the analyst consensus on Adverum Biotechnologies is a Strong Buy with an average price target of $22.20, a 14.1% upside from current levels. In a report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a $25.00 price target.

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Based on Adverum Biotechnologies’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $22.91 million. In comparison, last year the company had a GAAP net loss of $14.49 million.

Based on the recent corporate insider activity of 18 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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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. and Steven Daniel Schwartz on July 17, 2006 and is headquartered in Menlo Park, CA.