Adverum Biotechnologies Inc (NASDAQ:ADVM) traded up 6% during mid-day trading on Wednesday . The company traded as high as $11.37 and last traded at $11.34, 1,165,006 shares traded hands during trading. An increase of 9% from the average session volume of 1,070,405 shares. The stock had previously closed at $10.70.
A number of research analysts recently issued reports on the stock. SunTrust Banks decreased their price objective on shares of Adverum Biotechnologies from $12.00 to $8.00 and set a “hold” rating for the company in a report on Friday, September 13th. ValuEngine upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Zacks Investment Research cut shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a report on Thursday, October 24th. Chardan Capital boosted their price objective on shares of Adverum Biotechnologies from $6.00 to $10.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $8.00 price objective (up previously from $3.00) on shares of Adverum Biotechnologies in a report on Tuesday, September 17th. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $9.20.
The company has a debt-to-equity ratio of 0.14, a current ratio of 9.44 and a quick ratio of 9.44. The stock’s 50 day simple moving average is $8.66 and its two-hundred day simple moving average is $10.00. The stock has a market cap of $678.20 million, a P/E ratio of -9.61 and a beta of 2.68.
A number of institutional investors and hedge funds have recently made changes to their positions in ADVM. State Street Corp lifted its stake in Adverum Biotechnologies by 219.5% in the third quarter. State Street Corp now owns 4,843,777 shares of the biotechnology company’s stock valued at $26,399,000 after buying an additional 3,327,760 shares in the last quarter. Orbimed Advisors LLC lifted its stake in Adverum Biotechnologies by 104.7% in the third quarter. Orbimed Advisors LLC now owns 4,012,969 shares of the biotechnology company’s stock valued at $21,871,000 after buying an additional 2,052,769 shares in the last quarter. UBS Group AG lifted its stake in Adverum Biotechnologies by 52.1% in the second quarter. UBS Group AG now owns 3,138,539 shares of the biotechnology company’s stock valued at $37,317,000 after buying an additional 1,074,535 shares in the last quarter. Price T Rowe Associates Inc. MD bought a new position in Adverum Biotechnologies in the second quarter valued at approximately $6,635,000. Finally, Vanguard Group Inc. lifted its stake in Adverum Biotechnologies by 19.2% in the second quarter. Vanguard Group Inc. now owns 2,524,477 shares of the biotechnology company’s stock valued at $30,016,000 after buying an additional 406,963 shares in the last quarter. 76.60% of the stock is currently owned by hedge funds and other institutional investors.
About Adverum Biotechnologies (NASDAQ:ADVM)
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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