Zacks Investment Research cut shares of Adverum Biotechnologies (NASDAQ:ADVM) from a buy rating to a hold rating in a research note published on Tuesday.
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 analysts also recently issued reports on ADVM. ValuEngine raised shares of Adverum Biotechnologies from a strong sell rating to a sell rating in a research note on Thursday, January 25th. Piper Jaffray Companies initiated coverage on shares of Adverum Biotechnologies in a research note on Thursday, February 15th. They issued an overweight rating and a $12.00 price objective for the company. Finally, BidaskClub downgraded shares of Adverum Biotechnologies from a strong-buy rating to a buy rating in a research note on Saturday, March 10th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Adverum Biotechnologies presently has an average rating of Buy and an average target price of $7.06.
Shares of Adverum Biotechnologies opened at $5.95 on Tuesday, according to Marketbeat.com. The stock has a market capitalization of $367.40 million, a price-to-earnings ratio of -4.61 and a beta of 3.64. Adverum Biotechnologies has a 1 year low of $2.40 and a 1 year high of $8.59.
Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Wednesday, May 9th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.01). The firm had revenue of $0.22 million during the quarter, compared to the consensus estimate of $0.40 million. Adverum Biotechnologies had a negative return on equity of 28.51% and a negative net margin of 3,571.30%. equities analysts forecast that Adverum Biotechnologies will post -1.3 EPS for the current year.
Several large investors have recently modified their holdings of ADVM. Dimensional Fund Advisors LP increased its position in shares of Adverum Biotechnologies by 77.2% during 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 during the period. California Public Employees Retirement System increased its position in shares of Adverum Biotechnologies by 32.7% during the third quarter. California Public Employees Retirement System now owns 193,282 shares of the biotechnology company’s stock worth $705,000 after acquiring an additional 47,682 shares during the period. Jennison Associates LLC purchased a new position in shares of Adverum Biotechnologies during the fourth quarter worth approximately $1,057,000. San Francisco Sentry Investment Group CA purchased a new position in shares of Adverum Biotechnologies during the fourth quarter worth approximately $1,680,000. Finally, Citadel Advisors LLC increased its position in shares of Adverum Biotechnologies by 365.1% during the fourth quarter. Citadel Advisors LLC now owns 47,189 shares of the biotechnology company’s stock worth $165,000 after acquiring an additional 37,042 shares during the period. 51.36% of the stock is currently owned by institutional investors and hedge funds.
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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