Investors Buy High Volume of Call Options on Adverum Biotechnologies (NASDAQ:ADVM)

Adverum Biotechnologies Inc (NASDAQ:ADVM) saw some unusual options trading activity on Tuesday. Stock traders bought 2,160 call options on the company. This represents an increase of 980% compared to the typical volume of 200 call options.

Shares of Adverum Biotechnologies stock opened at $11.60 on Wednesday. The company has a current ratio of 18.20, a quick ratio of 18.20 and a debt-to-equity ratio of 0.12. The firm’s fifty day moving average is $12.96. The stock has a market cap of $745.15 million, a P/E ratio of -9.83 and a beta of 2.42. Adverum Biotechnologies has a 12-month low of $2.62 and a 12-month high of $16.38.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.08. Adverum Biotechnologies had a negative net margin of 4,505.40% and a negative return on equity of 30.28%. As a group, sell-side analysts expect that Adverum Biotechnologies will post -1.13 EPS for the current fiscal year.



Institutional investors have recently modified their holdings of the business. Bank of Montreal Can purchased a new position in Adverum Biotechnologies during the 2nd quarter valued at $54,000. Meeder Asset Management Inc. increased its position in Adverum Biotechnologies by 372.1% during the 2nd quarter. Meeder Asset Management Inc. now owns 10,694 shares of the biotechnology company’s stock valued at $127,000 after purchasing an additional 8,429 shares during the period. SG Americas Securities LLC purchased a new position in Adverum Biotechnologies during the 1st quarter valued at $60,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new position in Adverum Biotechnologies during the 2nd quarter valued at $151,000. Finally, TD Asset Management Inc. purchased a new position in Adverum Biotechnologies during the 2nd quarter valued at $174,000. 61.01% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have recently commented on the stock. Raymond James assumed coverage on shares of Adverum Biotechnologies in a research report on Thursday, June 13th. They issued a “market perform” rating for the company. SunTrust Banks lifted their target price on shares of Adverum Biotechnologies to $12.00 and gave the company a “hold” rating in a research report on Monday, July 29th. They noted that the move was a valuation call. Piper Jaffray Companies lifted their target price on shares of Adverum Biotechnologies from $8.00 to $12.00 and gave the company an “overweight” rating in a research report on Friday, May 17th. BidaskClub lowered shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. Finally, Zacks Investment Research lowered shares of Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 30th. Six research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Adverum Biotechnologies has an average rating of “Hold” and a consensus target price of $10.10.

Adverum Biotechnologies Company Profile

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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