Avrobio (NASDAQ:AVRO) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Avrobio (NASDAQ:AVRO) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “Avrobio, Inc. is a bio-technology company. It develops step-change cell and gene therapies for the treatment of cancer and rare disease. The company operates primarily in the United States and Canada. Avrobio, Inc. is based in MA, United States. “

Several other equities analysts have also weighed in on AVRO. Cowen reissued a buy rating on shares of Avrobio in a research note on Monday, July 15th. HC Wainwright reissued a buy rating and issued a $35.00 target price on shares of Avrobio in a research note on Friday, August 9th. Mizuho reissued a buy rating and issued a $28.00 target price on shares of Avrobio in a research note on Sunday, August 11th. ValuEngine raised Avrobio from a hold rating to a buy rating in a research note on Thursday, August 1st. Finally, Wedbush reissued an outperform rating and issued a $43.00 target price on shares of Avrobio in a research note on Friday, August 9th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has a consensus rating of Buy and an average price target of $27.90.

NASDAQ:AVRO traded down $0.38 during mid-day trading on Tuesday, hitting $13.64. The company had a trading volume of 858 shares, compared to its average volume of 284,812. Avrobio has a fifty-two week low of $11.85 and a fifty-two week high of $33.38. The business’s fifty day moving average is $17.07 and its two-hundred day moving average is $18.04. The firm has a market cap of $338.06 million, a P/E ratio of -3.76 and a beta of 2.63.

Avrobio (NASDAQ:AVRO) last released its earnings results on Thursday, August 8th. The company reported ($0.67) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.09. As a group, research analysts anticipate that Avrobio will post -2.52 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtus ETF Advisers LLC grew its holdings in shares of Avrobio by 81.5% during the second quarter. Virtus ETF Advisers LLC now owns 19,695 shares of the company’s stock worth $320,000 after buying an additional 8,845 shares in the last quarter. Bessemer Group Inc. bought a new position in shares of Avrobio during the second quarter worth about $336,000. Wells Fargo & Company MN grew its holdings in shares of Avrobio by 160.2% during the second quarter. Wells Fargo & Company MN now owns 24,551 shares of the company’s stock worth $400,000 after buying an additional 15,114 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Avrobio by 10.7% during the second quarter. Bank of New York Mellon Corp now owns 50,039 shares of the company’s stock worth $814,000 after buying an additional 4,820 shares in the last quarter. Finally, Morgan Stanley grew its holdings in shares of Avrobio by 47.8% during the second quarter. Morgan Stanley now owns 55,777 shares of the company’s stock worth $907,000 after buying an additional 18,038 shares in the last quarter. 68.55% of the stock is currently owned by institutional investors.

About Avrobio

AVROBIO, Inc, a clinical-stage gene therapy company, focuses on developing ex vivo lentiviral-based gene therapies to treat rare diseases following a single dose in the United States. Its gene therapies employ hematopoietic stem cells that are collected from patients and modified with a lentiviral vector to insert functional copies of the gene, which is defective in the target disease.

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