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

StockNews.com upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a sell rating to a hold rating in a research note issued to investors on Thursday.

ADVM has been the topic of a number of other reports. HC Wainwright reaffirmed a buy rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Truist Financial decreased their price target on Adverum Biotechnologies from $60.00 to $40.00 and set a buy rating on the stock in a research note on Wednesday. Mizuho lowered their price target on Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating on the stock in a research report on Monday, April 29th. Oppenheimer started coverage on Adverum Biotechnologies in a report on Tuesday, June 25th. They set an outperform rating and a $25.00 price objective for the company. Finally, Royal Bank of Canada lowered their target price on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a sector perform rating on the stock in a report on Tuesday, August 13th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $28.17.

Adverum Biotechnologies Price Performance

ADVM opened at $6.82 on Thursday. The company has a market capitalization of $141.56 million, a P/E ratio of -0.67 and a beta of 1.07. The firm’s fifty day moving average price is $7.35 and its two-hundred day moving average price is $11.51. Adverum Biotechnologies has a fifty-two week low of $6.38 and a fifty-two week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Monday, August 12th. The biotechnology company reported ($0.89) EPS for the quarter, topping analysts’ consensus estimates of ($1.47) by $0.58. On average, equities research analysts expect that Adverum Biotechnologies will post -5.5 EPS for the current fiscal year.

Insider Activity at Adverum Biotechnologies

In related news, major shareholder Braden Michael Leonard bought 85,800 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was bought at an average cost of $7.15 per share, with a total value of $613,470.00. Following the completion of the purchase, the insider now owns 2,268,064 shares in the company, valued at approximately $16,216,657.60. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC raised its holdings in Adverum Biotechnologies by 301.1% during the 2nd quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock worth $748,000 after purchasing an additional 81,808 shares during the last quarter. Marshall Wace LLP lifted its holdings in Adverum Biotechnologies by 52.9% in the second 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. Renaissance Technologies LLC boosted its stake in Adverum Biotechnologies by 2.4% in 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. Dimensional Fund Advisors LP grew its holdings in Adverum Biotechnologies by 741.8% during the 2nd 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 during the period. Finally, Rhumbline Advisers raised its position in shares of Adverum Biotechnologies by 10,419.1% during the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 30,528 shares during the last quarter. 48.17% of the stock is currently owned by institutional investors.

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.