Adverum Biotechnologies (NASDAQ:ADVM) Downgraded by StockNews.com

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

A number of other equities research analysts have also weighed in on the stock. Truist Financial reiterated a buy rating and set a $60.00 price objective on shares of Adverum Biotechnologies in a report on Wednesday, May 15th. Oppenheimer began coverage on Adverum Biotechnologies in a report on Tuesday, June 25th. They issued an outperform rating and a $25.00 target price for the company. Chardan Capital lifted their price objective on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a buy rating in a report on Thursday, July 18th. Mizuho lowered their price objective on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating for the company in a research note on Monday, April 29th. Finally, HC Wainwright reissued a buy rating and set a $30.00 target price on shares of Adverum Biotechnologies in a research report on Friday, May 10th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $35.40.

Adverum Biotechnologies Trading Up 0.4 %

Shares of ADVM opened at $7.87 on Monday. The company’s fifty day simple moving average is $7.59 and its 200-day simple moving average is $11.73. The company has a market cap of $163.38 million, a P/E ratio of -0.77 and a beta of 1.07. Adverum Biotechnologies has a twelve month low of $6.38 and a twelve month high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($1.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.28) by ($0.22). Analysts predict that Adverum Biotechnologies will post -5.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard acquired 135,546 shares of the stock in a transaction dated Wednesday, July 17th. The stock was purchased at an average price of $7.75 per share, with a total value of $1,050,481.50. Following the transaction, the insider now directly owns 2,101,546 shares of the company’s stock, valued at $16,286,981.50. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.20% of the company’s stock.

Institutional Trading of Adverum Biotechnologies

Several large investors have recently bought and sold shares of ADVM. Apexium Financial LP purchased a new stake in shares of Adverum Biotechnologies during the fourth quarter valued at $45,000. Monaco Asset Management SAM boosted its position in Adverum Biotechnologies by 33.8% in the fourth quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after buying an additional 20,000 shares during the last quarter. Twin Focus Capital Partners LLC purchased a new position in Adverum Biotechnologies during the 4th quarter worth approximately $75,000. Worth Venture Partners LLC lifted its stake in Adverum Biotechnologies by 136.5% during the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after acquiring an additional 452,678 shares during the period. Finally, Picton Mahoney Asset Management purchased a new position in shares of Adverum Biotechnologies during the first quarter worth $1,755,000. Hedge funds and other institutional investors own 48.17% of the company’s stock.

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.