Adverum Biotechnologies (NASDAQ:ADVM) Raised to Hold at StockNews.com

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

A number of other analysts have also commented on ADVM. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, November 19th. Royal Bank of Canada cut their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 5th. Finally, Truist Financial cut 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 report on Wednesday, August 14th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $27.83.

Adverum Biotechnologies Stock Performance

Shares of ADVM opened at $5.72 on Wednesday. Adverum Biotechnologies has a twelve month low of $5.63 and a twelve month high of $29.70. The firm’s 50 day moving average price is $7.19 and its two-hundred day moving average price is $7.24. The firm has a market cap of $118.99 million, a P/E ratio of -0.96 and a beta of 0.91.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share 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 analysts’ expectations of $0.50 million. On average, sell-side analysts anticipate that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its holdings 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 buying an additional 2,649 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock worth $935,000 after buying an additional 3,169 shares during the last quarter. MetLife Investment Management LLC increased its holdings 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 worth $88,000 after buying an additional 7,089 shares during the last quarter. Captrust Financial Advisors acquired a new position in Adverum Biotechnologies during the third quarter worth $71,000. Finally, SG Americas Securities LLC acquired a new position in shares of Adverum Biotechnologies in the third quarter valued at $74,000. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Adverum Biotechnologies Company Profile

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.