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

StockNews.com downgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a sell rating in a report issued on Tuesday morning.

Other equities analysts have also issued reports about the company. Royal Bank of Canada lowered their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 5th. Truist Financial lowered their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Finally, HC Wainwright reiterated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Stock Performance

Shares of ADVM opened at $5.80 on Tuesday. Adverum Biotechnologies has a 52-week low of $5.70 and a 52-week high of $29.70. The business’s 50 day moving average price is $7.45 and its two-hundred day moving average price is $7.52. The firm has a market cap of $120.65 million, a PE ratio of -0.97 and a beta of 1.02.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly 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 business had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.50 million. Research analysts predict that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Institutional Trading of Adverum Biotechnologies

A number of institutional investors have recently added to or reduced their stakes in ADVM. Avoro Capital Advisors LLC purchased a new stake in shares of Adverum Biotechnologies in the 1st quarter valued at about $5,892,000. BML Capital Management LLC raised its holdings in shares of Adverum Biotechnologies by 15.4% in the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after acquiring an additional 302,064 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of 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 valued at $4,239,000 after acquiring an additional 259,191 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Adverum Biotechnologies by 741.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after acquiring an additional 196,884 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Adverum Biotechnologies by 32.7% in the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after acquiring an additional 91,112 shares in the last quarter. Hedge funds and other institutional investors own 48.17% of the company’s stock.

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.