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

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

ADVM has been the topic of several other reports. Truist Financial dropped their price target on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. HC Wainwright reissued a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a report on Tuesday. Finally, Royal Bank of Canada dropped their target price on 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 investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $27.83.

Adverum Biotechnologies Stock Performance

ADVM opened at $5.80 on Tuesday. Adverum Biotechnologies has a 52-week low of $5.70 and a 52-week high of $29.70. The stock has a market capitalization of $120.65 million, a PE ratio of -0.97 and a beta of 1.02. The stock’s 50 day moving average price is $7.45 and its 200-day moving average price is $7.52.

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

Institutional Trading of Adverum Biotechnologies

A number of hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets increased 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 valued at $29,000 after acquiring an additional 2,649 shares during the last quarter. Renaissance Technologies LLC increased 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 last quarter. MetLife Investment Management LLC increased its position in Adverum Biotechnologies by 129.1% during the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after acquiring an additional 7,089 shares during the last quarter. Captrust Financial Advisors purchased a new stake in Adverum Biotechnologies during the third quarter valued at $71,000. Finally, SG Americas Securities LLC purchased a new stake in Adverum Biotechnologies in the third quarter worth about $74,000. 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.