Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Shares Sold by Logos Global Management LP

Logos Global Management LP decreased its holdings in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 72.2% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 416,666 shares of the biotechnology company’s stock after selling 1,083,333 shares during the quarter. Logos Global Management LP’s holdings in Adverum Biotechnologies were worth $2,858,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Twin Focus Capital Partners LLC purchased a new position in Adverum Biotechnologies during the 4th quarter worth approximately $75,000. Rhumbline Advisers grew its position in Adverum Biotechnologies by 10,419.1% during the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after purchasing an additional 30,528 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Adverum Biotechnologies during the 2nd quarter worth approximately $443,000. Renaissance Technologies LLC grew its position in Adverum Biotechnologies by 2.4% during the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock worth $935,000 after purchasing an additional 3,169 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Adverum Biotechnologies by 741.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after purchasing an additional 196,884 shares in the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Trading Down 8.1 %

ADVM stock opened at $6.88 on Tuesday. Adverum Biotechnologies, Inc. has a 1 year low of $6.38 and a 1 year high of $29.70. The company has a fifty day simple moving average of $7.26 and a 200 day simple moving average of $9.18. The firm has a market cap of $142.81 million, a PE ratio of -0.67 and a beta of 1.03.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.47) by $0.58. As a group, analysts forecast that Adverum Biotechnologies, Inc. will post -4.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Braden Michael Leonard acquired 135,546 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was acquired at an average price of $7.75 per share, with a total value of $1,050,481.50. Following the completion of the transaction, the insider now owns 2,101,546 shares of the company’s stock, valued at $16,286,981.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on ADVM shares. Chardan Capital lifted their price objective on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Royal Bank of Canada lowered their price target on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 13th. StockNews.com upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Thursday, August 15th. Oppenheimer assumed coverage on shares of Adverum Biotechnologies in a report on Tuesday, June 25th. They set an “outperform” rating and a $25.00 price target on the stock. Finally, HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Adverum Biotechnologies presently has an average rating of “Moderate Buy” and an average price target of $28.17.

Adverum Biotechnologies Profile

Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with wet age-related macular degeneration and diabetic macular edema which is in phase 2 clinical trials.