Shares of Adverum Biotechnologies Inc (NASDAQ:ADVM) were up 5.8% during mid-day trading on Wednesday . The stock traded as high as $7.60 and last traded at $7.35. Approximately 1,360,766 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 1,650,159 shares. The stock had previously closed at $6.95.
Several analysts recently issued reports on ADVM shares. Zacks Investment Research upgraded shares of Adverum Biotechnologies from a “hold” rating to a “buy” rating and set a $7.75 price objective on the stock in a report on Wednesday. BidaskClub lowered shares of Adverum Biotechnologies from a “strong-buy” rating to a “buy” rating in a report on Saturday. Chardan Capital restated a “hold” rating on shares of Adverum Biotechnologies in a report on Tuesday, December 19th. Piper Jaffray Companies started coverage on shares of Adverum Biotechnologies in a report on Thursday, February 15th. They issued an “overweight” rating and a $12.00 price objective on the stock. Finally, ValuEngine upgraded shares of Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a report on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $7.31.
The company has a market cap of $385.19, a PE ratio of -6.87 and a beta of 3.62.
Adverum Biotechnologies (NASDAQ:ADVM) last released its earnings results on Tuesday, March 6th. The biotechnology company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.03. The company had revenue of $0.46 million during the quarter. Adverum Biotechnologies had a negative return on equity of 29.61% and a negative net margin of 3,036.61%. sell-side analysts anticipate that Adverum Biotechnologies Inc will post -1.31 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new position in Adverum Biotechnologies in the 3rd quarter valued at about $108,000. BlueCrest Capital Management Ltd acquired a new position in shares of Adverum Biotechnologies during the fourth quarter worth about $111,000. Citadel Advisors LLC grew its position in shares of Adverum Biotechnologies by 365.1% during the fourth quarter. Citadel Advisors LLC now owns 47,189 shares of the biotechnology company’s stock worth $165,000 after buying an additional 37,042 shares in the last quarter. Raymond James & Associates acquired a new position in shares of Adverum Biotechnologies during the fourth quarter worth about $172,000. Finally, Spark Investment Management LLC grew its position in shares of Adverum Biotechnologies by 64.2% during the fourth quarter. Spark Investment Management LLC now owns 66,821 shares of the biotechnology company’s stock worth $233,000 after buying an additional 26,121 shares in the last quarter. 36.69% of the stock is owned by institutional investors.
Adverum Biotechnologies Company Profile
Adverum Biotechnologies, Inc is a clinical-stage gene therapy company targeting unmet medical needs in serious rare and ocular diseases. Adverum has a robust pipeline that includes product candidates designed to treat rare diseases alpha-1 antitrypsin (A1AT) deficiency and hereditary angioedema (HAE) as well as wet age-related macular degeneration (wAMD).
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