Adverum Biotechnologies (NASDAQ:ADVM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Adverum Biotechnologies, Inc. is a gene therapy company. The Company discovers and develops novel medicines for patients living with rare diseases. Adverum Biotechnologies Inc, formerly known as Avalanche Biotechnologies Inc., is headquartered in Menlo Park, California. “
A number of other research analysts also recently commented on ADVM. ValuEngine raised shares of Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a research report on Thursday, January 25th. Piper Jaffray Companies initiated coverage on shares of Adverum Biotechnologies in a research report on Thursday, February 15th. They issued an “overweight” rating and a $12.00 target price on the stock. Finally, BidaskClub downgraded shares of Adverum Biotechnologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 10th. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Adverum Biotechnologies has a consensus rating of “Buy” and a consensus price target of $7.06.
Shares of NASDAQ ADVM traded up $0.07 during mid-day trading on Tuesday, reaching $5.97. The company had a trading volume of 13,856 shares, compared to its average volume of 733,047. The company has a market capitalization of $379.86 million, a price-to-earnings ratio of -4.63 and a beta of 3.64. Adverum Biotechnologies has a 52-week low of $2.40 and a 52-week high of $8.59.
Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results on Wednesday, May 9th. The biotechnology company reported ($0.30) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.01). The company had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $0.40 million. Adverum Biotechnologies had a negative net margin of 3,571.30% and a negative return on equity of 28.51%. equities analysts expect that Adverum Biotechnologies will post -1.31 earnings per share for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlueCrest Capital Management Ltd purchased a new position in shares of Adverum Biotechnologies in the 4th quarter valued at $111,000. Citadel Advisors LLC grew its position in Adverum Biotechnologies by 365.1% during the 4th quarter. Citadel Advisors LLC now owns 47,189 shares of the biotechnology company’s stock worth $165,000 after purchasing an additional 37,042 shares during the last quarter. Raymond James & Associates purchased a new position in Adverum Biotechnologies during the 4th quarter worth $172,000. Trexquant Investment LP purchased a new position in Adverum Biotechnologies during the 1st quarter worth $184,000. Finally, Monarch Partners Asset Management LLC purchased a new position in Adverum Biotechnologies during the 1st quarter worth $214,000. 51.36% of the stock is currently owned by hedge funds and other institutional investors.
Adverum Biotechnologies Company Profile
Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates that target serious rare and ocular diseases. It leverages its adeno-associated virus (AAV)-based directed evolution platform to develop products. The company's pipeline of product candidates include ADVM-043 to treat alpha-1 antitrypsin deficiency, which is in Phase I/II clinical trial; and ADVM-053 for hereditary angioedema disease, which is in preclinical stage; as well as ADVM-022 and ADVM-032 for wet age-related macular degeneration disease, which are in preclinical stage.
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