Adverum Biotechnologies (NASDAQ:ADVM) Upgraded at StockNews.com

StockNews.com upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a sell rating to a hold rating in a report released on Tuesday morning.

ADVM has been the topic of a number of other reports. Truist Financial restated a buy rating and issued a $60.00 price target on shares of Adverum Biotechnologies in a report on Wednesday, May 15th. HC Wainwright restated a buy rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research note on Friday, May 10th. Oppenheimer assumed coverage on Adverum Biotechnologies in a research report on Tuesday, June 25th. They set an outperform rating and a $25.00 price target on the stock. Mizuho lowered their price objective on Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating for the company in a research report on Monday, April 29th. Finally, Chardan Capital boosted their target price on Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a buy rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $35.40.

Adverum Biotechnologies Stock Down 5.5 %

Shares of NASDAQ:ADVM opened at $7.15 on Tuesday. The firm has a 50 day moving average of $7.55 and a 200 day moving average of $11.65. The company has a market capitalization of $148.43 million, a price-to-earnings ratio of -0.70 and a beta of 1.07. Adverum Biotechnologies has a 52 week low of $6.38 and a 52 week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($1.50) EPS for the quarter, missing the consensus estimate of ($1.28) by ($0.22). On average, sell-side analysts expect that Adverum Biotechnologies will post -5.5 EPS for the current year.

Insider Activity

In other news, major shareholder Braden Michael Leonard bought 85,800 shares of Adverum Biotechnologies stock in a transaction that occurred on Tuesday, July 30th. The stock was bought at an average price of $7.15 per share, for a total transaction of $613,470.00. Following the purchase, the insider now directly owns 2,268,064 shares of the company’s stock, valued at approximately $16,216,657.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ADVM. BML Capital Management LLC boosted its position in 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 buying an additional 639,252 shares during the last quarter. Monaco Asset Management SAM boosted its holdings in shares of Adverum Biotechnologies by 33.8% in the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after acquiring an additional 20,000 shares during the last quarter. Apexium Financial LP purchased a new stake in shares of Adverum Biotechnologies in the 4th quarter valued at $45,000. Worth Venture Partners LLC increased its stake in shares of Adverum Biotechnologies by 136.5% in the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after acquiring an additional 452,678 shares during the period. Finally, AIGH Capital Management LLC raised its holdings in shares of Adverum Biotechnologies by 139.6% during the fourth quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after purchasing an additional 1,848,834 shares during the last quarter. 48.17% of the stock is owned by institutional investors and hedge funds.

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.