Zacks Investment Research upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a buy rating in a research report released on Wednesday, March 14th. They currently have $7.75 price objective on the biotechnology company’s stock.
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. “
Several other equities research analysts have also recently weighed in on ADVM. BidaskClub cut Adverum Biotechnologies from a strong-buy rating to a buy rating in a research note on Saturday, March 10th. Chardan Capital restated a hold rating on shares of Adverum Biotechnologies in a research note on Tuesday, December 19th. ValuEngine upgraded Adverum Biotechnologies from a strong sell rating to a sell rating in a research note on Thursday, January 25th. Finally, Piper Jaffray assumed coverage on Adverum Biotechnologies in a research note on Thursday, February 15th. They set an overweight rating and a $12.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $7.19.
Shares of Adverum Biotechnologies stock traded down $0.35 on Wednesday, reaching $5.45. 594,277 shares of the company were exchanged, compared to its average volume of 973,237. Adverum Biotechnologies has a 1-year low of $2.40 and a 1-year high of $8.59. The company has a market cap of $303.96, a PE ratio of -4.22 and a beta of 3.65.
Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Tuesday, March 6th. The biotechnology company reported ($0.32) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.35) by $0.03. Adverum Biotechnologies had a negative return on equity of 29.61% and a negative net margin of 3,036.61%. The business had revenue of $0.46 million during the quarter. analysts forecast that Adverum Biotechnologies will post -1.31 EPS for the current year.
A number of hedge funds have recently bought and sold shares of the stock. California Public Employees Retirement System lifted its stake in Adverum Biotechnologies by 23.5% in the second quarter. California Public Employees Retirement System now owns 145,600 shares of the biotechnology company’s stock valued at $364,000 after buying an additional 27,700 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Adverum Biotechnologies by 179.3% in the second quarter. Dimensional Fund Advisors LP now owns 304,741 shares of the biotechnology company’s stock valued at $762,000 after buying an additional 195,620 shares during the last quarter. Goldman Sachs Group Inc. purchased a new stake in Adverum Biotechnologies in the second quarter valued at approximately $420,000. Russell Investments Group Ltd. purchased a new stake in Adverum Biotechnologies in the third quarter valued at approximately $241,000. Finally, JPMorgan Chase & Co. lifted its stake in Adverum Biotechnologies by 41.6% in the third quarter. JPMorgan Chase & Co. now owns 103,009 shares of the biotechnology company’s stock valued at $355,000 after buying an additional 30,254 shares during the last quarter. Hedge funds and other institutional investors own 36.69% of the company’s stock.
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About Adverum Biotechnologies
Adverum Biotechnologies, Inc is a clinical-stage gene therapy company targeting unmet medical needs in serious rare and ocular diseases. Adverum has a robust pipeline that includes product candidates designed to treat rare diseases alpha-1 antitrypsin (A1AT) deficiency and hereditary angioedema (HAE) as well as wet age-related macular degeneration (wAMD).
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