Chardan Capital Upgrades Adverum Biotechnologies

Fintel reports that on August 11, 2023, Chardan Capital upgraded their outlook for Adverum Biotechnologies (NASDAQ:ADVM) from Neutral to Buy.

Analyst Price Forecast Suggests 102.38% Upside

As of August 2, 2023, the average one-year price target for Adverum Biotechnologies is 3.82. The forecasts range from a low of 2.02 to a high of $6.30. The average price target represents an increase of 102.38% from its latest reported closing price of 1.89.

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The projected annual revenue for Adverum Biotechnologies is 0MM, a decrease of 100.00%. The projected annual non-GAAP EPS is -1.48.

What is the Fund Sentiment?

There are 94 funds or institutions reporting positions in Adverum Biotechnologies. This is a decrease of 15 owner(s) or 13.76% in the last quarter. Average portfolio weight of all funds dedicated to ADVM is 0.21%, an increase of 44.05%. Total shares owned by institutions increased in the last three months by 4.58% to 60,676K shares. The put/call ratio of ADVM is 0.01, indicating a bullish outlook.

What are Other Shareholders Doing?

FBIOX – Biotechnology Portfolio holds 7,472K shares representing 7.43% ownership of the company. No change in the last quarter.

Bank Of America holds 5,592K shares representing 5.56% ownership of the company. In it’s prior filing, the firm reported owning 5,592K shares, representing a decrease of 0.00%. The firm increased its portfolio allocation in ADVM by 11.67% over the last quarter.

BML Capital Management holds 5,157K shares representing 5.13% ownership of the company. In it’s prior filing, the firm reported owning 7,067K shares, representing a decrease of 37.04%. The firm increased its portfolio allocation in ADVM by 68.30% over the last quarter.

Versant Venture Management holds 5,068K shares representing 5.04% ownership of the company. No change in the last quarter.

Commodore Capital holds 5,000K shares representing 4.97% ownership of the company.

Adverum Biotechnologies Background Information
(This description is provided by the company.)

Adverum Biotechnologies is a clinical-stage gene therapy company targeting unmet medical needs in serious ocular and rare diseases. Adverum is advancing the clinical development of its novel gene therapy candidate, ADVM-022, as a one-time, intravitreal injection for the treatment of patients with wet age-related macular degeneration and diabetic macular edema.

This article originally appeared on Fintel