Regeneron Pharmaceuticals Inc. Takes $845,000 Position in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Regeneron Pharmaceuticals Inc. purchased a new position in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 180,909 shares of the biotechnology company’s stock, valued at approximately $845,000. Adverum Biotechnologies accounts for 0.1% of Regeneron Pharmaceuticals Inc.’s investment portfolio, making the stock its 5th largest holding. Regeneron Pharmaceuticals Inc. owned 0.87% of Adverum Biotechnologies as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its stake in Adverum Biotechnologies by 177.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 2,649 shares during the period. Captrust Financial Advisors acquired a new stake in Adverum Biotechnologies during the 3rd quarter worth $71,000. MetLife Investment Management LLC boosted its stake in Adverum Biotechnologies by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after purchasing an additional 7,089 shares during the period. Zacks Investment Management acquired a new stake in Adverum Biotechnologies during the 3rd quarter worth $89,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Adverum Biotechnologies during the 3rd quarter worth $93,000. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Stock Performance

Shares of Adverum Biotechnologies stock opened at $4.40 on Tuesday. The company has a market cap of $91.53 million, a P/E ratio of -0.73 and a beta of 1.14. Adverum Biotechnologies, Inc. has a one year low of $3.52 and a one year high of $19.10. The firm has a fifty day moving average of $4.39 and a two-hundred day moving average of $5.96.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ADVM shares. StockNews.com cut shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Thursday, December 19th. HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus 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.