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

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

Several other research analysts have also recently issued reports on the company. Mizuho dropped their target price on Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating on the stock in a research report on Monday, April 29th. Chardan Capital reaffirmed a buy rating and set a $4.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, March 19th. Finally, HC Wainwright assumed coverage on shares of Adverum Biotechnologies in a research note on Tuesday, April 30th. They set a buy rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, Adverum Biotechnologies currently has an average rating of Moderate Buy and a consensus price target of $29.00.

Adverum Biotechnologies Stock Up 4.3 %

ADVM opened at $10.43 on Wednesday. The stock has a market capitalization of $216.42 million, a price-to-earnings ratio of -0.90 and a beta of 0.89. The firm has a 50 day moving average price of $14.37 and a 200-day moving average price of $12.07. Adverum Biotechnologies has a twelve month low of $7.40 and a twelve month high of $29.70.

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

Insider Activity at Adverum Biotechnologies

In other news, Director James Paul Scopa purchased 10,000 shares of the stock in a transaction on Wednesday, February 7th. The shares were acquired at an average price of $13.50 per share, with a total value of $135,000.00. Following the completion of the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at $135,000. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of institutional investors and hedge funds have recently bought and sold shares of ADVM. Assenagon Asset Management S.A. purchased a new stake in shares of Adverum Biotechnologies during the first quarter worth about $5,072,000. Vivo Capital LLC purchased a new stake in Adverum Biotechnologies during the 1st quarter valued at approximately $21,210,000. Twin Focus Capital Partners LLC bought a new stake in shares of Adverum Biotechnologies during the fourth quarter valued at approximately $75,000. AIGH Capital Management LLC lifted its holdings in shares of Adverum Biotechnologies by 139.6% in the fourth quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after buying an additional 1,848,834 shares in the last quarter. Finally, Worth Venture Partners LLC boosted its position in shares of Adverum Biotechnologies by 136.5% during 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 last quarter. 48.17% of the stock is owned by institutional investors.

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.