Adverum Biotechnologies (NASDAQ:ADVM) Downgraded to Sell Rating by StockNews.com

StockNews.com lowered shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a sell rating in a report issued on Thursday.

A number of other research firms have also recently commented on ADVM. HC Wainwright restated a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. Royal Bank of Canada lowered their price objective on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $27.83.

Adverum Biotechnologies Trading Down 2.3 %

Shares of NASDAQ ADVM opened at $4.70 on Thursday. The firm has a fifty day simple moving average of $6.91 and a two-hundred day simple moving average of $7.13. Adverum Biotechnologies has a 12 month low of $4.66 and a 12 month high of $29.70. The firm has a market capitalization of $97.77 million, a PE ratio of -0.78 and a beta of 0.91.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The company had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million. On average, sell-side analysts predict that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Institutional Investors Weigh In On Adverum Biotechnologies

Hedge funds have recently added to or reduced their stakes in the stock. BML Capital Management LLC increased its holdings in shares of Adverum Biotechnologies by 15.4% during the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock valued at $15,922,000 after acquiring an additional 302,064 shares in the last quarter. State Street Corp increased its stake in Adverum Biotechnologies by 32.7% during the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock valued at $2,595,000 after purchasing an additional 91,112 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Adverum Biotechnologies by 741.8% in the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after buying an additional 196,884 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Adverum Biotechnologies by 52.9% in the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock worth $1,404,000 after buying an additional 70,768 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after buying an additional 3,169 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.