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

StockNews.com downgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a sell rating in a research report sent to investors on Wednesday.

Several other brokerages also recently weighed in on ADVM. HC Wainwright initiated coverage on Adverum Biotechnologies in a research report on Tuesday, April 30th. They set a buy rating and a $30.00 price target on the stock. Mizuho decreased their price target on Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating for the company in a report on Monday, April 29th. Finally, Chardan Capital reaffirmed a buy rating and set a $4.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $29.00.

Adverum Biotechnologies Stock Performance

Adverum Biotechnologies stock opened at $10.43 on Wednesday. Adverum Biotechnologies has a fifty-two week low of $7.40 and a fifty-two week high of $29.70. The company has a market cap of $216.42 million, a PE ratio of -0.90 and a beta of 0.89. The business’s 50-day simple moving average is $14.37 and its two-hundred day simple moving average is $12.07.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share for the quarter, topping the consensus estimate of ($2.80) by $0.50. As a group, analysts predict that Adverum Biotechnologies will post -5.18 EPS for the current fiscal year.

Insider Buying and Selling at Adverum Biotechnologies

In other Adverum Biotechnologies news, Director James Paul Scopa bought 10,000 shares of Adverum Biotechnologies stock in a transaction dated Wednesday, February 7th. The stock was acquired at an average cost of $13.50 per share, with a total value of $135,000.00. Following the purchase, the director now directly owns 10,000 shares in the company, valued at approximately $135,000. The acquisition was disclosed in a filing with the SEC, which is available at this link. 5.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of large investors have recently added to or reduced their stakes in the stock. Citigroup Inc. acquired a new stake in shares of Adverum Biotechnologies in the third quarter valued at about $715,000. Newtyn Management LLC raised its holdings in shares of Adverum Biotechnologies by 2.5% during the third quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company’s stock valued at $1,538,000 after acquiring an additional 25,000 shares during the last quarter. BML Capital Management LLC lifted its position in shares of Adverum Biotechnologies by 16.3% in the fourth 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 in the last quarter. Monaco Asset Management SAM boosted its stake in shares of Adverum Biotechnologies by 33.8% in the fourth quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock worth $60,000 after acquiring an additional 20,000 shares during the last quarter. Finally, Apexium Financial LP purchased a new stake in shares of Adverum Biotechnologies during the fourth quarter worth approximately $45,000. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Adverum Biotechnologies Company Profile

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.