Cowen restated their buy rating on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research note issued to investors on Tuesday, AnalystRatings.com reports.
A number of other equities research analysts have also recently commented on the company. Piper Jaffray Companies raised their price objective on Adverum Biotechnologies from $8.00 to $12.00 and gave the company an overweight rating in a research note on Friday, May 17th. ValuEngine cut Zymeworks from a buy rating to a hold rating in a research note on Saturday, May 18th. Zacks Investment Research raised HAYS PLC/ADR from a sell rating to a hold rating in a research note on Tuesday, June 18th. BidaskClub cut Zynga from a buy rating to a hold rating in a research note on Tuesday, June 18th. Finally, Raymond James started coverage on Adverum Biotechnologies in a research note on Thursday, June 13th. They issued a market perform rating for the company. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $8.10.
Shares of Adverum Biotechnologies stock opened at $15.35 on Tuesday. The company has a quick ratio of 18.20, a current ratio of 18.20 and a debt-to-equity ratio of 0.12. Adverum Biotechnologies has a 52 week low of $2.62 and a 52 week high of $16.20. The firm has a 50 day moving average price of $11.20. The firm has a market capitalization of $998.17 million, a PE ratio of -13.01 and a beta of 2.41.
In other news, Director James Paul Scopa acquired 20,000 shares of Adverum Biotechnologies stock in a transaction on Monday, May 6th. The stock was purchased at an average price of $6.71 per share, with a total value of $134,200.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.20% of the company’s stock.
Several hedge funds have recently bought and sold shares of ADVM. RTW Investments LP lifted its holdings in shares of Adverum Biotechnologies by 3,285.4% in the fourth quarter. RTW Investments LP now owns 6,256,840 shares of the biotechnology company’s stock valued at $19,709,000 after purchasing an additional 6,072,019 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Adverum Biotechnologies by 20.4% in the fourth quarter. BlackRock Inc. now owns 4,443,970 shares of the biotechnology company’s stock valued at $14,000,000 after purchasing an additional 753,735 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Adverum Biotechnologies by 12.7% in the first quarter. JPMorgan Chase & Co. now owns 3,297,793 shares of the biotechnology company’s stock valued at $17,281,000 after purchasing an additional 371,461 shares in the last quarter. 683 Capital Management LLC lifted its holdings in shares of Adverum Biotechnologies by 1,169.6% in the fourth quarter. 683 Capital Management LLC now owns 362,386 shares of the biotechnology company’s stock valued at $1,142,000 after purchasing an additional 333,842 shares in the last quarter. Finally, Perceptive Advisors LLC bought a new position in shares of Adverum Biotechnologies in the fourth quarter valued at approximately $960,000. Institutional investors own 60.97% of the company’s stock.
About Adverum Biotechnologies
Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.
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