Geode Capital Management LLC Has $3.08 Million Holdings in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Geode Capital Management LLC decreased its stake in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 3.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 439,056 shares of the biotechnology company’s stock after selling 16,731 shares during the period. Geode Capital Management LLC’s holdings in Adverum Biotechnologies were worth $3,083,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp acquired a new stake in shares of Adverum Biotechnologies in the 2nd quarter valued at approximately $443,000. Rhumbline Advisers increased its stake in Adverum Biotechnologies by 10,419.1% in the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after purchasing an additional 30,528 shares in the last quarter. Dimensional Fund Advisors LP increased 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 valued at $1,533,000 after purchasing an additional 196,884 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Adverum Biotechnologies by 2.4% in the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock worth $935,000 after purchasing an additional 3,169 shares during the period. Finally, Marshall Wace LLP grew its holdings in shares of Adverum Biotechnologies by 52.9% in the 2nd quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock valued at $1,404,000 after buying an additional 70,768 shares during the period. Institutional investors own 48.17% of the company’s stock.

Adverum Biotechnologies Price Performance

ADVM opened at $4.79 on Tuesday. The company has a market capitalization of $99.64 million, a price-to-earnings ratio of -0.80 and a beta of 0.96. The business’s 50-day moving average price is $6.20 and its two-hundred day moving average price is $6.92. Adverum Biotechnologies, Inc. has a 1 year low of $4.42 and a 1 year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (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. Sell-side analysts anticipate that Adverum Biotechnologies, Inc. will post -4.92 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on ADVM shares. Royal Bank of Canada dropped their price objective on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, November 19th. Finally, StockNews.com lowered Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Thursday, December 19th. One equities research 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. According to data from MarketBeat, Adverum Biotechnologies presently has an average rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies 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.