Chardan Capital Sticks to Its Hold Rating for Adverum Biotechnologies (ADVM)

By Carrie Williams

Chardan Capital analyst Gbola Amusa reiterated a Hold rating on Adverum Biotechnologies (ADVMResearch Report) today and set a price target of $10. The company’s shares closed last Monday at $12.

Amusa observed:

“We note the “positive” OPTIC results are not nearly definitive, particularly in light of the “positive” phase IIa results for predecessor Avalanche Biotech’s failed asset, AVA-101, reported on 15 June 2015.”

According to TipRanks.com, Amusa is a 5-star analyst with an average return of 19.0% and a 51.0% success rate. Amusa covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Catalyst Biosciences Inc, and Voyager Therapeutics Inc.

Adverum Biotechnologies has an analyst consensus of Moderate Buy, with a price target consensus of $12.

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The company has a one-year high of $16.38 and a one-year low of $2.62. Currently, Adverum Biotechnologies has an average volume of 1.14M.

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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.