Raymond James Sticks to Its Hold Rating for Adverum Biotechnologies (ADVM)

Raymond James analyst Dane Leone reiterated a Hold rating on Adverum Biotechnologies (ADVMResearch Report) today. The company’s shares closed last Friday at $3.78, close to its 52-week low of $3.46.

According to TipRanks.com, Leone is a 5-star analyst with an average return of 13.4% and a 59.8% success rate. Leone covers the Healthcare sector, focusing on stocks such as Lineage Cell Therapeutics, Tarsus Pharmaceuticals, and Allogene Therapeutics.

The word on The Street in general, suggests a Hold analyst consensus rating for Adverum Biotechnologies with a $10.40 average price target, which is 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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Adverum Biotechnologies’ market cap is currently $361.4M and has a P/E ratio of -2.70. The company has a Price to Book ratio of 0.83.

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.