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

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

Other research analysts have also recently issued research reports about the company. Royal Bank of Canada dropped their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Chardan Capital boosted their price objective on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. Finally, Truist Financial decreased their price objective 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

Adverum Biotechnologies Stock Up 2.8 %

Adverum Biotechnologies stock traded up $0.22 during mid-day trading on Wednesday, reaching $7.94. 187,665 shares of the company’s stock were exchanged, compared to its average volume of 278,989. The business’s fifty day simple moving average is $7.38 and its 200 day simple moving average is $7.71. The firm has a market capitalization of $165.16 million, a PE ratio of -0.99 and a beta of 1.02. Adverum Biotechnologies has a one year low of $6.38 and a one year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly 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 company had revenue of $1.00 million during the quarter, compared to analyst estimates of $0.50 million. On average, sell-side analysts forecast that Adverum Biotechnologies will post -4.64 earnings per share for the current year.

Institutional Investors Weigh In On Adverum Biotechnologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Avoro Capital Advisors LLC bought a new stake in shares of Adverum Biotechnologies during the first quarter valued at approximately $5,892,000. BML Capital Management LLC grew its stake in Adverum Biotechnologies by 15.4% in the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock worth $15,922,000 after purchasing an additional 302,064 shares during the period. Assenagon Asset Management S.A. grew its stake in Adverum Biotechnologies by 72.3% in 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. Dimensional Fund Advisors LP grew its stake 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 worth $1,533,000 after purchasing an additional 196,884 shares during the period. Finally, Picton Mahoney Asset Management purchased a new stake in Adverum Biotechnologies in the first quarter worth $1,755,000. Hedge funds and other institutional investors own 48.17% of the company’s stock.

About Adverum Biotechnologies

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.