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

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

A number of other research analysts also recently weighed in on ADVM. HC Wainwright reissued a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Truist Financial lowered their target price on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Chardan Capital lifted their price objective on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, Royal Bank of Canada cut their target price on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research report on Tuesday. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Adverum Biotechnologies currently has an average rating of “Moderate Buy” and a consensus target price of $27.83.

Adverum Biotechnologies Trading Up 2.8 %

Shares of Adverum Biotechnologies stock opened at $7.94 on Wednesday. The business’s fifty day simple moving average is $7.38 and its 200 day simple moving average is $7.71. Adverum Biotechnologies has a 12 month low of $6.38 and a 12 month high of $29.70. The firm has a market capitalization of $165.16 million, a P/E ratio of -0.99 and a beta of 1.02.

Adverum Biotechnologies (NASDAQ:ADVM) last released its earnings results 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 the consensus estimate of $0.50 million. Analysts predict that Adverum Biotechnologies will post -4.64 EPS for the current fiscal year.

Institutional Investors Weigh In On Adverum Biotechnologies

Several hedge funds and other institutional investors have recently modified their holdings of ADVM. SG Americas Securities LLC purchased a new position in Adverum Biotechnologies during the third quarter valued at approximately $74,000. Rhumbline Advisers increased its holdings in shares of 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 shares of Adverum Biotechnologies in the second quarter worth $443,000. Squarepoint Ops LLC grew its position in 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 buying an additional 81,808 shares in the last quarter. Finally, Picton Mahoney Asset Management purchased a new position in Adverum Biotechnologies during the first quarter worth about $1,755,000. 48.17% of the stock is currently 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.