Adverum Biotechnologies Inc (NASDAQ:ADVM) shot up 6.2% during mid-day trading on Thursday . The stock traded as high as $6.95 and last traded at $6.80. 1,749,769 shares were traded during mid-day trading, an increase of 0% from the average session volume of 1,747,905 shares. The stock had previously closed at $6.40.
Several brokerages recently issued reports on ADVM. Piper Jaffray Companies began coverage on shares of Adverum Biotechnologies in a research note on Thursday, February 15th. They issued an “overweight” rating and a $12.00 target price for the company. Zacks Investment Research upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Tuesday, January 9th. ValuEngine upgraded shares of Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 25th. Finally, Chardan Capital reiterated a “hold” rating on shares of Adverum Biotechnologies in a research note on Tuesday, December 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $6.06.
The stock has a market cap of $356.36, a price-to-earnings ratio of -4.60 and a beta of 3.80.
A number of institutional investors have recently added to or reduced their stakes in the business. Sabby Management LLC bought a new position in Adverum Biotechnologies in the 4th quarter valued at about $1,050,000. Iguana Healthcare Management LLC bought a new position in Adverum Biotechnologies in the 4th quarter valued at about $700,000. Raymond James & Associates bought a new position in Adverum Biotechnologies in the 4th quarter valued at about $172,000. Ardsley Advisory Partners bought a new position in Adverum Biotechnologies in the 4th quarter valued at about $350,000. Finally, Two Sigma Investments LP raised its holdings in Adverum Biotechnologies by 350.5% in the 4th quarter. Two Sigma Investments LP now owns 337,956 shares of the biotechnology company’s stock valued at $1,183,000 after acquiring an additional 262,944 shares during the period. 26.62% of the stock is currently owned by hedge funds and other institutional investors.
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Adverum Biotechnologies Company Profile
Adverum Biotechnologies, Inc, formerly Avalanche Biotechnologies, Inc, is a gene therapy company. The Company is engaged in discovering and developing medicines to patients suffering from chronic or debilitating disease. The Company operates and manages its business in the segment of developing and commercializing gene therapeutics.
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