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

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

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. “

Several other research analysts also recently weighed in on the stock. Cowen restated a buy rating on shares of Adverum Biotechnologies in a research report on Tuesday, July 9th. Cantor Fitzgerald restated a neutral rating and set a $8.00 price target (up previously from $3.00) on shares of Adverum Biotechnologies in a research report on Tuesday, September 17th. BidaskClub downgraded shares of Adverum Biotechnologies from a buy rating to a hold rating in a research report on Tuesday, June 18th. SunTrust Banks reduced their price target on shares of Adverum Biotechnologies from $12.00 to $8.00 and set a hold rating for the company in a research report on Friday, September 13th. Finally, ValuEngine downgraded shares of Adverum Biotechnologies from a buy rating to a hold rating in a research report on Thursday, September 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. Adverum Biotechnologies presently has an average rating of Hold and a consensus price target of $8.85.

Shares of Adverum Biotechnologies stock opened at $6.85 on Monday. The firm has a 50-day simple moving average of $7.48 and a two-hundred day simple moving average of $9.37. The company has a market cap of $392.56 million, a P/E ratio of -5.81 and a beta of 2.49. Adverum Biotechnologies has a fifty-two week low of $2.62 and a fifty-two week high of $16.38. The company has a debt-to-equity ratio of 0.12, a quick ratio of 17.79 and a current ratio of 17.79.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.08. Equities research analysts forecast that Adverum Biotechnologies will post -1.03 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in ADVM. MetLife Investment Advisors LLC purchased a new stake in Adverum Biotechnologies during the 1st quarter valued at about $150,000. Metropolitan Life Insurance Co NY purchased a new stake in Adverum Biotechnologies during the 1st quarter valued at about $108,000. TD Asset Management Inc. purchased a new stake in Adverum Biotechnologies during the 2nd quarter valued at about $174,000. Meeder Asset Management Inc. grew its stake in Adverum Biotechnologies by 372.1% during the 2nd quarter. Meeder Asset Management Inc. now owns 10,694 shares of the biotechnology company’s stock valued at $127,000 after acquiring an additional 8,429 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System grew its stake in Adverum Biotechnologies by 24.4% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 19,750 shares of the biotechnology company’s stock valued at $235,000 after acquiring an additional 3,870 shares in the last quarter. 71.78% of the stock is owned by institutional investors.

Adverum Biotechnologies Company Profile

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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