Adverum Biotechnologies (NASDAQ:ADVM) Stock Rating Upgraded by StockNews.com

by · The Markets Daily

Adverum Biotechnologies (NASDAQ:ADVM – Get Free Report) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report issued on Wednesday.

Several other equities analysts have also recently issued reports on the company. Royal Bank of Canada reduced their price objective on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a report on Tuesday, November 5th. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. Finally, Truist Financial lowered their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.83.

Read Our Latest Research Report on Adverum Biotechnologies

Adverum Biotechnologies Trading Up 0.7 %

Shares of NASDAQ:ADVM traded up $0.04 on Wednesday, reaching $5.93. 257,193 shares of the company were exchanged, compared to its average volume of 277,659. The company has a 50-day moving average of $7.19 and a 200-day moving average of $7.24. The firm has a market cap of $123.34 million, a price-to-earnings ratio of -0.99 and a beta of 0.91. Adverum Biotechnologies has a 1-year low of $5.63 and a 1-year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM – Get Free Report) last issued its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The business had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million. As a group, analysts forecast that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Institutional Trading of Adverum Biotechnologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADVM. Assenagon Asset Management S.A. raised its stake in Adverum Biotechnologies by 72.3% during the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after purchasing an additional 259,191 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Adverum Biotechnologies in the 2nd quarter worth $443,000. Rhumbline Advisers boosted its holdings in Adverum Biotechnologies by 10,419.1% in the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 30,528 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Adverum Biotechnologies by 741.8% in the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after acquiring an additional 196,884 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after acquiring an additional 3,169 shares during the period. Hedge funds and other institutional investors own 48.17% of the company’s stock.

About Adverum Biotechnologies

(Get Free Report)

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.

See Also