Adverum Biotechnologies (NASDAQ:ADVM) Lowered to “Sell” Rating by StockNews.com

Adverum Biotechnologies (NASDAQ:ADVM) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

Other research analysts also recently issued reports about the company. Royal Bank of Canada lowered their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday. Truist Financial lowered their price target on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. HC Wainwright reaffirmed a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Finally, Chardan Capital upped their price target on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Adverum Biotechnologies currently has a consensus rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Stock Up 2.8 %

Shares of NASDAQ ADVM traded up $0.22 during trading on Wednesday, reaching $7.94. The company had a trading volume of 187,665 shares, compared to its average volume of 278,989. Adverum Biotechnologies has a 12-month low of $6.38 and a 12-month high of $29.70. The stock has a market cap of $165.16 million, a PE ratio of -0.99 and a beta of 1.02. The business’s 50-day moving average is $7.38 and its 200 day moving average is $7.71.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The firm had revenue of $1.00 million during the quarter, compared to analysts’ expectations of $0.50 million. On average, analysts anticipate that Adverum Biotechnologies will post -4.64 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ADVM. Picton Mahoney Asset Management bought a new position in shares of Adverum Biotechnologies in the first quarter worth about $1,755,000. Assenagon Asset Management S.A. raised its stake in shares of Adverum Biotechnologies by 72.3% in the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after buying an additional 259,191 shares during the period. Marshall Wace LLP raised its stake in shares of Adverum Biotechnologies by 52.9% in the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock worth $1,404,000 after buying an additional 70,768 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Adverum Biotechnologies by 741.8% in the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after buying an additional 196,884 shares during the period. Finally, Squarepoint Ops LLC raised its stake in shares of Adverum Biotechnologies by 301.1% in the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock worth $748,000 after buying an additional 81,808 shares during the period. Institutional investors own 48.17% of the company’s stock.

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.