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Cowen & Co. Maintains a Buy Rating on Adverum Biotechnologies (ADVM)


Cowen & Co. analyst Phil Nadeau maintained a Buy rating on Adverum Biotechnologies (ADVM) yesterday. The company’s shares closed yesterday at $3.74.

According to TipRanks.com, Nadeau is a 5-star analyst with an average return of 8.7% and a 50.5% success rate. Nadeau covers the Healthcare sector, focusing on stocks such as Rhythm Pharmaceuticals Inc, Rocket Pharmaceuticals Inc, and Allogene Therapeutics Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Adverum Biotechnologies with a $5.13 average price target, implying a 37.2% upside from current levels. In a report issued on November 2, Piper Jaffray also maintained a Buy rating on the stock with a $8 price target.

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Based on Adverum Biotechnologies’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $18.81 million. In comparison, last year the company had a GAAP net loss of $13.83 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.