Adverum Biotechnologies (NASDAQ:ADVM) Cut to “Sell” at StockNews.com

StockNews.com lowered shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a sell rating in a research note published on Wednesday morning.

Several other equities analysts also recently commented on ADVM. Truist Financial lowered their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. HC Wainwright reiterated a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Chardan Capital boosted their target price on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Finally, Royal Bank of Canada dropped their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Price Performance

Shares of ADVM stock opened at $8.00 on Wednesday. The business has a 50-day moving average of $7.42 and a 200 day moving average of $7.69. Adverum Biotechnologies has a 1-year low of $6.38 and a 1-year high of $29.70. The stock has a market capitalization of $166.40 million, a PE ratio of -1.34 and a beta of 1.02.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The firm had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.50 million. Analysts anticipate that Adverum Biotechnologies will post -4.64 EPS for the current year.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds have recently made changes to their positions in the stock. BML Capital Management LLC raised its stake in Adverum Biotechnologies by 15.4% during the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after buying an additional 302,064 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Adverum Biotechnologies by 72.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after purchasing an additional 259,191 shares in the last quarter. Avoro Capital Advisors LLC purchased a new stake in Adverum Biotechnologies during the 1st quarter valued at about $5,892,000. Dimensional Fund Advisors LP increased its stake 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 valued at $1,533,000 after purchasing an additional 196,884 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in Adverum Biotechnologies by 52.9% in the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock worth $1,404,000 after buying an additional 70,768 shares during the last quarter. 48.17% of the stock is owned by institutional investors.

About Adverum Biotechnologies

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.