Logos Global Management LP Has $2.86 Million Stock Holdings in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Logos Global Management LP trimmed its holdings in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 72.2% during the second quarter, HoldingsChannel reports. The fund 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 quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Avoro Capital Advisors LLC acquired a new stake in Adverum Biotechnologies during the 1st quarter valued at approximately $5,892,000. Assenagon Asset Management S.A. boosted its stake 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 purchasing an additional 259,191 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Adverum Biotechnologies by 741.8% during the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after buying an additional 196,884 shares during the period. Picton Mahoney Asset Management bought a new position in Adverum Biotechnologies during the first quarter worth $1,755,000. Finally, Twin Focus Capital Partners LLC acquired a new position in Adverum Biotechnologies in the fourth quarter valued at $75,000. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Adverum Biotechnologies Stock Performance

Shares of Adverum Biotechnologies stock opened at $7.02 on Tuesday. The stock has a market capitalization of $145.71 million, a PE ratio of -0.69 and a beta of 1.03. Adverum Biotechnologies, Inc. has a 52 week low of $6.38 and a 52 week high of $29.70. The stock has a 50 day moving average price of $7.08 and a two-hundred day moving average price of $8.79.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results 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. Research analysts forecast that Adverum Biotechnologies, Inc. will post -4.64 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Chardan Capital increased their price target on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Royal Bank of Canada cut their price target on Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 13th. Truist Financial reduced 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 report on Wednesday, August 14th. Finally, StockNews.com upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.17.

Insider Buying and Selling at Adverum Biotechnologies

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard bought 85,800 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was bought at an average cost of $7.15 per share, with a total value of $613,470.00. Following the completion of the transaction, the insider now directly owns 2,268,064 shares in the company, valued at approximately $16,216,657.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.20% 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.