Adverum Biotechnologies (NASDAQ:ADVM) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a sell rating in a report released on Thursday morning, Zacks.com reports.

According to Zacks, “Adverum is a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases. Adverum develops gene therapy product candidates designed to provide durable efficacy by inducing sustained expression of a therapeutic protein. Adverum’s core capabilities include clinical development, novel vector discovery and in-house manufacturing expertise, specifically in scalable process development, assay development, and current Good Manufacturing Practices quality control. “

A number of other analysts have also issued reports on ADVM. SunTrust Banks boosted their target price on shares of Adverum Biotechnologies to in a research note on Tuesday. BidaskClub raised shares of Adverum Biotechnologies from a buy rating to a strong-buy rating in a research note on Thursday. Piper Sandler boosted their target price on shares of Adverum Biotechnologies from to and gave the company an overweight rating in a research note on Monday, January 13th. Piper Jaffray Companies boosted their target price on shares of Adverum Biotechnologies from $14.00 to $20.00 and gave the company an overweight rating in a research note on Monday, January 13th. Finally, ValuEngine raised shares of Adverum Biotechnologies from a sell rating to a hold rating in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $17.00.

ADVM stock traded up $0.52 during mid-day trading on Thursday, reaching $15.79. 1,313,081 shares of the stock traded hands, compared to its average volume of 1,536,087. The company has a debt-to-equity ratio of 0.14, a quick ratio of 9.44 and a current ratio of 9.44. Adverum Biotechnologies has a one year low of $3.47 and a one year high of $16.38. The stock has a market capitalization of $1.02 billion, a PE ratio of -16.45 and a beta of 2.68. The business has a 50-day moving average price of $11.37 and a two-hundred day moving average price of $9.84.

Several institutional investors and hedge funds have recently modified their holdings of ADVM. Metropolitan Life Insurance Co NY purchased a new stake in Adverum Biotechnologies in the first quarter worth about $108,000. Vanguard Group Inc. lifted its stake in Adverum Biotechnologies by 19.2% in the second quarter. Vanguard Group Inc. now owns 2,524,477 shares of the biotechnology company’s stock worth $30,016,000 after acquiring an additional 406,963 shares during the period. Nuveen Asset Management LLC purchased a new stake in Adverum Biotechnologies in the second quarter worth about $2,559,000. BB&T Securities LLC purchased a new stake in Adverum Biotechnologies in the third quarter worth about $85,000. Finally, California Public Employees Retirement System lifted its stake in Adverum Biotechnologies by 167.5% in the third quarter. California Public Employees Retirement System now owns 134,046 shares of the biotechnology company’s stock worth $731,000 after acquiring an additional 83,939 shares during the period. 76.58% of the stock is owned by hedge funds and other institutional investors.

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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