Adverum Biotechnologies (ADVM) Upgraded to “Hold” by Zacks Investment Research

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Zacks Investment Research upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a sell rating to a hold rating in a report published on Wednesday.

According to Zacks, “Adverum Biotechnologies, Inc. is a gene therapy company. The Company discovers and develops novel medicines for patients living with rare diseases. Adverum Biotechnologies Inc, formerly known as Avalanche Biotechnologies Inc., is headquartered in Menlo Park, California. “

A number of other equities analysts have also recently weighed in on the company. ValuEngine raised Adverum Biotechnologies from a hold rating to a buy rating in a report on Friday, June 1st. Chardan Capital reaffirmed a hold rating and issued a $8.00 price target on shares of Adverum Biotechnologies in a report on Thursday, August 9th. Piper Jaffray Companies initiated coverage on Adverum Biotechnologies in a report on Friday, May 18th. They issued a buy rating and a $12.00 price target for the company. Finally, BidaskClub cut Adverum Biotechnologies from a strong-buy rating to a buy rating in a report on Tuesday, June 12th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $8.19.

NASDAQ ADVM opened at $5.20 on Wednesday. The stock has a market capitalization of $329.14 million, a P/E ratio of -4.03 and a beta of 3.49. Adverum Biotechnologies has a twelve month low of $2.40 and a twelve month high of $8.59.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Wednesday, August 8th. The biotechnology company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.01. The company had revenue of $0.49 million during the quarter, compared to analysts’ expectations of $0.40 million. Adverum Biotechnologies had a negative return on equity of 30.61% and a negative net margin of 3,957.63%. analysts forecast that Adverum Biotechnologies will post -1.25 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. increased its stake in Adverum Biotechnologies by 377.4% during the 2nd quarter. BlackRock Inc. now owns 3,307,449 shares of the biotechnology company’s stock worth $17,528,000 after buying an additional 2,614,657 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Adverum Biotechnologies by 1,406.2% during the 1st quarter. JPMorgan Chase & Co. now owns 1,997,407 shares of the biotechnology company’s stock worth $11,585,000 after buying an additional 1,864,798 shares in the last quarter. Millennium Management LLC increased its stake in Adverum Biotechnologies by 591.0% during the 1st quarter. Millennium Management LLC now owns 1,668,299 shares of the biotechnology company’s stock worth $9,676,000 after buying an additional 1,426,877 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Adverum Biotechnologies by 36.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,606,407 shares of the biotechnology company’s stock worth $8,514,000 after buying an additional 427,215 shares in the last quarter. Finally, Alkeon Capital Management LLC purchased a new stake in Adverum Biotechnologies during the 1st quarter worth approximately $8,672,000. Institutional investors own 55.81% of the company’s stock.

Adverum Biotechnologies Company Profile

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates that target serious rare and ocular diseases. It leverages its adeno-associated virus (AAV)-based directed evolution platform to develop products. The company's pipeline of product candidates include ADVM-043 to treat alpha-1 antitrypsin deficiency, which is in Phase I/II clinical trial; and ADVM-053 for hereditary angioedema disease, which is in preclinical stage; as well as ADVM-022 and ADVM-032 for wet age-related macular degeneration disease, which are in preclinical stage.

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