StockNews.com Lowers Adverum Biotechnologies (NASDAQ:ADVM) to Sell

StockNews.com cut shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a sell rating in a research report report published on Wednesday morning.

A number of other research firms also recently issued reports on ADVM. Mizuho decreased their price objective on Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating for the company in a report on Monday, April 29th. Chardan Capital reaffirmed a buy rating and set a $4.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, March 19th. Finally, HC Wainwright began coverage on shares of Adverum Biotechnologies in a report on Tuesday. They issued a buy rating and a $30.00 price objective on the stock. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $29.00.

Adverum Biotechnologies Stock Up 4.3 %

Adverum Biotechnologies stock opened at $10.43 on Wednesday. The company has a 50 day moving average of $14.56 and a 200-day moving average of $12.04. Adverum Biotechnologies has a twelve month low of $7.40 and a twelve month high of $29.70. The stock has a market capitalization of $216.47 million, a PE ratio of -0.90 and a beta of 0.89.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.80) by $0.50. Equities analysts anticipate that Adverum Biotechnologies will post -5.18 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director James Paul Scopa purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was purchased at an average cost of $13.50 per share, for a total transaction of $135,000.00. Following the completion of the purchase, the director now directly owns 10,000 shares in the company, valued at $135,000. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Adverum Biotechnologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BML Capital Management LLC grew its position in shares of Adverum Biotechnologies by 16.3% in the 4th quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock valued at $3,428,000 after acquiring an additional 639,252 shares during the period. AIGH Capital Management LLC lifted its stake in Adverum Biotechnologies by 139.6% in the 4th quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock valued at $2,388,000 after purchasing an additional 1,848,834 shares during the last quarter. Vivo Capital LLC bought a new position in Adverum Biotechnologies during the first quarter worth about $21,210,000. Newtyn Management LLC increased its position in Adverum Biotechnologies by 2.5% during the third quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company’s stock worth $1,538,000 after buying an additional 25,000 shares during the last quarter. Finally, Worth Venture Partners LLC increased its position in Adverum Biotechnologies by 136.5% during the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after buying an additional 452,678 shares during the last quarter. 48.17% of the stock is owned by institutional investors.

About Adverum Biotechnologies

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.