Adverum Biotechnologies (NASDAQ:ADVM) Lowered to “Sell” Rating by StockNews.com

Adverum Biotechnologies (NASDAQ:ADVM) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Thursday.

Several other brokerages have also recently commented on ADVM. Royal Bank of Canada reduced their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 5th. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Adverum Biotechnologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ ADVM opened at $4.81 on Thursday. Adverum Biotechnologies has a fifty-two week low of $4.76 and a fifty-two week high of $29.70. The stock has a market cap of $100.06 million, a PE ratio of -0.80 and a beta of 0.91. The stock has a fifty day moving average of $6.97 and a 200-day moving average of $7.15.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results 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 business had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.50 million. On average, sell-side analysts predict that Adverum Biotechnologies will post -4.92 EPS for the current year.

Institutional Trading of Adverum Biotechnologies

Hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased its position in Adverum Biotechnologies by 177.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 2,649 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Adverum Biotechnologies by 2.4% during the 2nd 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 in the last quarter. MetLife Investment Management LLC raised its stake in Adverum Biotechnologies by 129.1% in the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after buying an additional 7,089 shares in the last quarter. Captrust Financial Advisors purchased a new stake in Adverum Biotechnologies in the third quarter worth about $71,000. Finally, SG Americas Securities LLC bought a new stake in Adverum Biotechnologies during the 3rd quarter valued at approximately $74,000. 48.17% of the stock is owned by institutional investors.

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.