Adverum Biotechnologies (ADVM) Receives a Buy from Cowen & Co.

By Ryan Adsit

Cowen & Co. analyst Phil Nadeau maintained a Buy rating on Adverum Biotechnologies (ADVMResearch Report) today. The company’s shares opened today at $6.48.

According to TipRanks.com, Nadeau is a 4-star analyst with an average return of 6.7% and a 49.2% success rate. Nadeau covers the Healthcare sector, focusing on stocks such as BioMarin Pharmaceutical Inc., Phasebio Pharmaceuticals Inc, and Rocket Pharmaceuticals Inc.

Currently, the analyst consensus on Adverum Biotechnologies is a Moderate Buy with an average price target of $8.

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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 $14.49 million. In comparison, last year the company had a GAAP net loss of $17.2 million.

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