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

StockNews.com cut shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a sell rating in a research note released on Thursday.

ADVM has been the subject of several other reports. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Royal Bank of Canada lowered their target price on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Adverum Biotechnologies presently has an average rating of “Moderate Buy” and a consensus target price of $27.83.

Adverum Biotechnologies Price Performance

Shares of NASDAQ:ADVM opened at $4.74 on Thursday. Adverum Biotechnologies has a 1-year low of $4.61 and a 1-year high of $29.70. The stock has a market cap of $98.60 million, a P/E ratio of -0.79 and a beta of 0.91. The firm has a fifty day moving average price of $6.85 and a 200 day moving average price of $7.11.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The firm had revenue of $1.00 million for the quarter, compared to analyst estimates of $0.50 million. Sell-side analysts expect that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets raised its position in Adverum Biotechnologies by 177.0% during the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 2,649 shares during the last quarter. Captrust Financial Advisors purchased a new position in shares of Adverum Biotechnologies during the 3rd quarter worth approximately $71,000. SG Americas Securities LLC purchased a new stake in Adverum Biotechnologies in the 3rd quarter valued at approximately $74,000. MetLife Investment Management LLC grew its holdings in Adverum Biotechnologies by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after buying an additional 7,089 shares during the last quarter. Finally, Zacks Investment Management purchased a new position in Adverum Biotechnologies during the third quarter worth $89,000. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

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.