Chardan Capital analyst Keay Nakae reiterated a Hold rating on Adverum Biotechnologies (ADVM) today. The company’s shares closed last Thursday at $3.69, close to its 52-week low of $3.46.
According to TipRanks.com, Nakae is a 5-star analyst with an average return of 24.0% and a 44.6% success rate. Nakae covers the Healthcare sector, focusing on stocks such as Sonnet BioTherapeutics Holdings, Lineage Cell Therapeutics, and Arrowhead Pharmaceuticals.
The word on The Street in general, suggests a Hold analyst consensus rating for Adverum Biotechnologies with a $10.40 average price target, implying a 185.7% upside from current levels. In a report issued on April 29, RBC Capital also downgraded the stock to Hold with a $6.00 price target.
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Based on Adverum Biotechnologies’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $37.63 million. In comparison, last year the company had a GAAP net loss of $18.93 million.
Based on the recent corporate insider activity of 17 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.
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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.