Chardan Capital Keeps a Buy Rating on Adverum Biotechnologies (ADVM)

By Austin Angelo

Chardan Capital analyst Gbola Amusa reiterated a Buy rating on Adverum Biotechnologies (ADVMResearch Report) on May 5 and set a price target of $20.00. The company’s shares closed last Friday at $19.59.

According to TipRanks.com, Amusa is a top 100 analyst with an average return of 26.6% and a 52.8% success rate. Amusa covers the Healthcare sector, focusing on stocks such as Axovant Gene Therapies, Voyager Therapeutics, and Solid Biosciences.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Adverum Biotechnologies with a $19.75 average price target, which is a -1.5% downside from current levels. In a report issued on April 28, Goldman Sachs also initiated coverage with a Buy rating on the stock with a $17.00 price target.

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The company has a one-year high of $23.79 and a one-year low of $4.97. Currently, Adverum Biotechnologies has an average volume of 1.78M.

Based on the recent corporate insider activity of 14 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.