Cantor Fitzgerald downgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from an overweight rating to a hold rating in a research report report published on Sunday morning, Marketbeat reports. The firm currently has $4.00 target price on the biotechnology company’s stock, down from their previous target price of $12.00.
“. We are downgrading and reducing our 12-month PT to $4 from $12. The new PT is solely based on the ADVM-022 wAMD program, soon to enter P1 testing in 2018. Our changed perspective results from the PR Friday that the company discontinued development of lead asset ADVM-043 for treatment of A1AT deficiency and hit pause on the preclinical HAE program, deciding not to file an IND in 4Q18. Although further clarity on rare disease programs is expected in 1H19, we now see only the wAMD program as a potential driver of value over the next ~12-18 months.”,” Cantor Fitzgerald’s analyst wrote.
A number of other brokerages also recently commented on ADVM. BidaskClub upgraded Adverum Biotechnologies from a buy rating to a strong-buy rating in a research note on Friday, August 31st. ValuEngine upgraded Adverum Biotechnologies from a hold rating to a buy rating in a research note on Thursday, August 30th. SunTrust Banks began coverage on Adverum Biotechnologies in a research note on Thursday, August 30th. They issued a buy rating and a $11.00 target price on the stock. Zacks Investment Research upgraded Adverum Biotechnologies from a hold rating to a buy rating and set a $6.75 target price on the stock in a research note on Monday, August 27th. Finally, Chardan Capital restated a hold rating and issued a $8.00 target price on shares of Adverum Biotechnologies in a research note on Thursday, August 9th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $6.85.
Shares of ADVM traded down $0.09 during mid-day trading on Friday, reaching $3.25. The company had a trading volume of 30,436 shares, compared to its average volume of 990,482. Adverum Biotechnologies has a 52-week low of $2.62 and a 52-week high of $8.59. The company has a market capitalization of $209.40 million, a price-to-earnings ratio of -2.52 and a beta of 3.83.
Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Wednesday, August 8th. The biotechnology company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.01. Adverum Biotechnologies had a negative return on equity of 30.61% and a negative net margin of 3,957.63%. The firm had revenue of $0.49 million for the quarter, compared to the consensus estimate of $0.40 million. Equities research analysts expect that Adverum Biotechnologies will post -1.23 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the business. Rhumbline Advisers purchased a new position in Adverum Biotechnologies during the second quarter worth approximately $292,000. DRW Securities LLC boosted its position in Adverum Biotechnologies by 60.0% during the second quarter. DRW Securities LLC now owns 40,000 shares of the biotechnology company’s stock worth $212,000 after purchasing an additional 15,000 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Adverum Biotechnologies during the first quarter worth approximately $262,000. BlackRock Inc. boosted its position in Adverum Biotechnologies by 73.7% during the first quarter. BlackRock Inc. now owns 692,792 shares of the biotechnology company’s stock worth $4,019,000 after purchasing an additional 293,975 shares in the last quarter. Finally, Exane Asset Management purchased a new position in Adverum Biotechnologies during the second quarter worth approximately $265,000. Institutional investors own 58.39% of the company’s stock.
About Adverum Biotechnologies
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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