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

StockNews.com lowered shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a sell rating in a report released on Monday morning.

Several other equities research analysts have also commented on ADVM. Truist Financial reiterated a buy rating and issued a $60.00 price objective on shares of Adverum Biotechnologies in a research report on Wednesday, May 15th. Mizuho dropped their price objective on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating for the company in a research note on Monday, April 29th. HC Wainwright restated a buy rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Friday, May 10th. Oppenheimer started coverage on Adverum Biotechnologies in a report on Tuesday, June 25th. They set an outperform rating and a $25.00 target price on the stock. Finally, Chardan Capital raised their price target on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a buy rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Adverum Biotechnologies has an average rating of Moderate Buy and an average price target of $35.40.

Adverum Biotechnologies Trading Up 0.4 %

Shares of Adverum Biotechnologies stock opened at $7.87 on Monday. The company has a 50-day moving average of $7.59 and a two-hundred day moving average of $11.73. Adverum Biotechnologies has a 12-month low of $6.38 and a 12-month high of $29.70. The stock has a market cap of $163.38 million, a PE ratio of -0.77 and a beta of 1.07.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.28) by ($0.22). On average, sell-side analysts forecast that Adverum Biotechnologies will post -5.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard bought 135,546 shares of Adverum Biotechnologies stock in a transaction that occurred on Wednesday, July 17th. The shares were purchased at an average cost of $7.75 per share, for a total transaction of $1,050,481.50. Following the completion of the transaction, the insider now owns 2,101,546 shares of the company’s stock, valued at approximately $16,286,981.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of large investors have recently bought and sold shares of ADVM. AIGH Capital Management LLC increased its holdings in shares of Adverum Biotechnologies by 139.6% during the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after buying an additional 1,848,834 shares during the last quarter. Vivo Capital LLC purchased a new position in shares of Adverum Biotechnologies in the 1st quarter worth about $21,210,000. BML Capital Management LLC lifted its stake in shares of Adverum Biotechnologies by 16.3% in the 4th quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock valued at $3,428,000 after purchasing an additional 639,252 shares in the last quarter. Worth Venture Partners LLC grew its holdings in shares of Adverum Biotechnologies by 136.5% during the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after purchasing an additional 452,678 shares during the period. Finally, Avoro Capital Advisors LLC acquired a new stake in Adverum Biotechnologies during the 1st quarter worth approximately $5,892,000. Hedge funds and other institutional investors 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.