Connor Clark & Lunn Investment Management Ltd. Invests $93,000 in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 13,204 shares of the biotechnology company’s stock, valued at approximately $93,000.

Several other institutional investors have also recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Adverum Biotechnologies during the 3rd quarter worth approximately $74,000. Rhumbline Advisers increased its stake in Adverum Biotechnologies by 10,419.1% in the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after purchasing an additional 30,528 shares during the period. Bank of New York Mellon Corp purchased a new stake in Adverum Biotechnologies in the second quarter worth $443,000. Squarepoint Ops LLC lifted its position in shares of Adverum Biotechnologies by 301.1% during the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock worth $748,000 after purchasing an additional 81,808 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after purchasing an additional 3,169 shares during the period. Institutional investors own 48.17% of the company’s stock.

Adverum Biotechnologies Stock Up 3.6 %

Adverum Biotechnologies stock opened at $6.88 on Tuesday. The firm has a market cap of $143.10 million, a P/E ratio of -1.15 and a beta of 1.02. The business has a fifty day moving average of $7.31 and a two-hundred day moving average of $7.33. Adverum Biotechnologies, Inc. has a twelve month low of $5.69 and a twelve month high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The company had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.50 million. Equities analysts expect that Adverum Biotechnologies, Inc. will post -4.92 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. StockNews.com lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. Truist Financial reduced their target price on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Finally, Royal Bank of Canada reduced their price objective on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $27.83.

Adverum Biotechnologies Company 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.