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

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

Several other analysts have also weighed in on the company. Chardan Capital reissued a “buy” rating and issued a $4.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, March 19th. HC Wainwright began coverage on Adverum Biotechnologies in a research report on Tuesday. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, Mizuho reduced their price objective on Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday. 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.00.

Adverum Biotechnologies Stock Performance

Adverum Biotechnologies stock opened at $10.00 on Wednesday. The firm has a market capitalization of $207.50 million, a price-to-earnings ratio of -0.86 and a beta of 0.89. Adverum Biotechnologies has a fifty-two week low of $7.40 and a fifty-two week high of $29.70. The stock’s fifty day moving average is $14.56 and its two-hundred day moving average is $12.04.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its 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, sell-side analysts forecast that Adverum Biotechnologies will post -5.18 EPS for the current fiscal year.

Insider Activity

In related news, Director James Paul Scopa acquired 10,000 shares of Adverum Biotechnologies stock in a transaction dated Wednesday, February 7th. The shares were acquired at an average cost of $13.50 per share, for a total transaction of $135,000.00. Following the completion of the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $135,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Adverum Biotechnologies

Several large investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. purchased a new position in Adverum Biotechnologies during the first quarter worth about $5,072,000. Vivo Capital LLC purchased a new position in Adverum Biotechnologies during the first quarter worth about $21,210,000. Twin Focus Capital Partners LLC purchased a new position in Adverum Biotechnologies during the fourth quarter worth about $75,000. AIGH Capital Management LLC lifted its position in Adverum Biotechnologies by 139.6% during 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 during the period. Finally, Worth Venture Partners LLC lifted its position in 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 buying an additional 452,678 shares during the period. 48.17% of the stock is currently owned by hedge funds and other 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.