Grant GrossMendelsohn LLC Boosts Stake in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Grant GrossMendelsohn LLC increased its stake in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 118.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 84,173 shares of the biotechnology company’s stock after acquiring an additional 45,553 shares during the period. Grant GrossMendelsohn LLC owned about 0.40% of Adverum Biotechnologies worth $393,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ADVM. BML Capital Management LLC boosted its holdings in shares of Adverum Biotechnologies by 15.4% in the 3rd 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 in the last quarter. State Street Corp boosted its stake in Adverum Biotechnologies by 32.7% in the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock worth $2,595,000 after buying an additional 91,112 shares in the last quarter. Marshall Wace LLP grew its position in Adverum Biotechnologies by 52.9% during the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after acquiring an additional 70,768 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Adverum Biotechnologies by 741.8% during the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after acquiring an additional 196,884 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of Adverum Biotechnologies by 125.8% in the 3rd quarter. Barclays PLC now owns 35,832 shares of the biotechnology company’s stock worth $252,000 after acquiring an additional 19,965 shares during the last quarter. Institutional investors own 48.17% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ADVM. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. StockNews.com cut Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. Finally, Royal Bank of Canada lowered their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Adverum Biotechnologies currently has a consensus rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Price Performance

ADVM opened at $4.33 on Friday. Adverum Biotechnologies, Inc. has a one year low of $4.01 and a one year high of $29.70. The business has a 50 day simple moving average of $5.54 and a two-hundred day simple moving average of $6.76. The firm has a market capitalization of $90.06 million, a price-to-earnings ratio of -0.72 and a beta of 0.96.

Adverum Biotechnologies (NASDAQ:ADVM) last announced 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 company had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. As a group, sell-side analysts expect that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current fiscal year.

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.