Analysts at Piper Jaffray Companies initiated coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research report issued on Thursday. The brokerage set an “overweight” rating and a $12.00 price target on the biotechnology company’s stock. Piper Jaffray Companies’ price target suggests a potential upside of 87.50% from the company’s previous close.
Several other research firms have also weighed in on ADVM. ValuEngine upgraded shares of Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 25th. Zacks Investment Research upgraded shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Tuesday, January 9th. Finally, Chardan Capital reiterated a “hold” rating on shares of Adverum Biotechnologies in a research note on Tuesday, December 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $6.06.
Adverum Biotechnologies (NASDAQ ADVM) opened at $6.40 on Thursday. The firm has a market cap of $335.40, a P/E ratio of -4.24 and a beta of 3.80. Adverum Biotechnologies has a 12 month low of $2.40 and a 12 month high of $8.59.
A number of institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its stake in Adverum Biotechnologies by 38.8% in the 4th quarter. Renaissance Technologies LLC now owns 2,554,677 shares of the biotechnology company’s stock valued at $8,941,000 after buying an additional 714,207 shares during the period. Tekla Capital Management LLC increased its stake in Adverum Biotechnologies by 147.9% in the 4th quarter. Tekla Capital Management LLC now owns 743,974 shares of the biotechnology company’s stock valued at $2,604,000 after buying an additional 443,896 shares during the period. Sessa Capital IM L.P. increased its stake in Adverum Biotechnologies by 272.5% in the 3rd quarter. Sessa Capital IM L.P. now owns 638,712 shares of the biotechnology company’s stock valued at $2,331,000 after buying an additional 467,225 shares during the period. 683 Capital Management LLC grew its position in Adverum Biotechnologies by 29.4% in the third quarter. 683 Capital Management LLC now owns 550,000 shares of the biotechnology company’s stock worth $2,008,000 after acquiring an additional 125,000 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Adverum Biotechnologies by 77.2% in the third quarter. Dimensional Fund Advisors LP now owns 540,097 shares of the biotechnology company’s stock worth $1,971,000 after acquiring an additional 235,356 shares in the last quarter. Hedge funds and other institutional investors own 30.75% of the company’s stock.
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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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