Adverum Biotechnologies (NASDAQ:ADVM) Raised to Hold at StockNews.com

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

Several other brokerages have also weighed in on ADVM. Royal Bank of Canada cut their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 5th. Truist Financial decreased their price target on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. Finally, HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ ADVM opened at $5.37 on Wednesday. The firm’s 50 day moving average price is $7.16 and its 200 day moving average price is $7.23. The firm has a market cap of $111.70 million, a P/E ratio of -0.92 and a beta of 0.91. Adverum Biotechnologies has a 1 year low of $5.36 and a 1 year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) EPS for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The firm had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.50 million. As a group, equities analysts predict that Adverum Biotechnologies will post -4.92 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its stake in shares of Adverum Biotechnologies by 177.0% in the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 2,649 shares in the last quarter. Captrust Financial Advisors acquired a new stake in Adverum Biotechnologies in the third quarter valued at approximately $71,000. SG Americas Securities LLC purchased a new stake in shares of Adverum Biotechnologies during the third quarter valued at approximately $74,000. MetLife Investment Management LLC lifted its position in shares of Adverum Biotechnologies by 129.1% during the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after purchasing an additional 7,089 shares in the last quarter. Finally, Zacks Investment Management purchased a new position in shares of Adverum Biotechnologies in the third quarter valued at $89,000. Institutional investors and hedge funds own 48.17% of the company’s stock.

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.