Adverum Biotechnologies (NASDAQ:ADVM) Stock Rating Lowered by StockNews.com

Adverum Biotechnologies (NASDAQ:ADVM) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

Other analysts have also recently issued reports about the stock. Truist Financial reduced their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Royal Bank of Canada cut their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 5th. Finally, HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $27.83.

Adverum Biotechnologies Trading Down 8.8 %

Adverum Biotechnologies stock traded down $0.60 during trading on Tuesday, reaching $6.25. The company had a trading volume of 621,208 shares, compared to its average volume of 277,533. The firm’s 50-day simple moving average is $7.48 and its 200 day simple moving average is $7.56. Adverum Biotechnologies has a 52 week low of $6.14 and a 52 week high of $29.70. The firm has a market capitalization of $130 million, a price-to-earnings ratio of -1.04 and a beta of 1.02.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ADVM. BML Capital Management LLC lifted its position in shares of Adverum Biotechnologies by 15.4% in the third quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock worth $15,922,000 after buying an additional 302,064 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Adverum Biotechnologies by 72.3% during the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock valued at $4,239,000 after purchasing an additional 259,191 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of Adverum Biotechnologies by 52.9% in the 2nd 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 during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Adverum Biotechnologies by 741.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after buying an additional 196,884 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in shares of Adverum Biotechnologies by 301.1% in the 2nd quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock valued at $748,000 after acquiring an additional 81,808 shares during the last quarter. Institutional investors own 48.17% of the company’s stock.

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.