Sphera Funds Management LTD. Invests $454,000 in Adverum Biotechnologies Inc (ADVM)

Sphera Funds Management LTD. bought a new stake in Adverum Biotechnologies Inc (NASDAQ:ADVM) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 75,000 shares of the biotechnology company’s stock, valued at approximately $454,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. raised its position in shares of Adverum Biotechnologies by 11.6% during the 3rd quarter. BlackRock Inc. now owns 3,690,235 shares of the biotechnology company’s stock valued at $22,326,000 after acquiring an additional 382,786 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Adverum Biotechnologies by 4.6% during the 3rd quarter. Renaissance Technologies LLC now owns 3,542,500 shares of the biotechnology company’s stock valued at $21,432,000 after acquiring an additional 154,900 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Adverum Biotechnologies by 8.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,767,090 shares of the biotechnology company’s stock valued at $16,740,000 after acquiring an additional 214,770 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Adverum Biotechnologies by 2.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,641,732 shares of the biotechnology company’s stock valued at $9,933,000 after acquiring an additional 35,325 shares in the last quarter. Finally, WS Management Lllp acquired a new stake in shares of Adverum Biotechnologies during the 3rd quarter valued at approximately $6,958,000. 54.93% of the stock is currently owned by institutional investors.

ADVM has been the topic of several research reports. Cantor Fitzgerald set a $12.00 price target on Adverum Biotechnologies and gave the company a “buy” rating in a research report on Wednesday, October 3rd. Piper Jaffray Companies set a $8.00 price target on Adverum Biotechnologies and gave the company a “buy” rating in a research report on Friday, November 2nd. Chardan Capital reissued a “hold” rating and set a $4.50 price target on shares of Adverum Biotechnologies in a research report on Friday, November 2nd. BidaskClub lowered Adverum Biotechnologies from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 21st. Finally, SunTrust Banks lowered Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research report on Friday, November 2nd. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Adverum Biotechnologies presently has a consensus rating of “Hold” and a consensus target price of $6.30.

Shares of ADVM opened at $3.64 on Friday. The firm has a market cap of $226.96 million, a P/E ratio of -2.82 and a beta of 3.78. Adverum Biotechnologies Inc has a 12 month low of $2.62 and a 12 month high of $8.59.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Thursday, November 8th. The biotechnology company reported ($0.34) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.30) by ($0.04). The company had revenue of $0.83 million for the quarter, compared to the consensus estimate of $0.27 million. Adverum Biotechnologies had a negative return on equity of 30.38% and a negative net margin of 3,582.48%. On average, analysts anticipate that Adverum Biotechnologies Inc will post -1.15 earnings per share for the current year.

WARNING: This piece was first published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this piece on another domain, it was copied illegally and reposted in violation of United States & international copyright and trademark laws. The legal version of this piece can be accessed at https://www.dispatchtribunal.com/2018/12/08/sphera-funds-management-ltd-invests-454000-in-adverum-biotechnologies-inc-advm.html.

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.

See Also: Diversification

Want to see what other hedge funds are holding ADVM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adverum Biotechnologies Inc (NASDAQ:ADVM).

Institutional Ownership by Quarter for Adverum Biotechnologies (NASDAQ:ADVM)

Receive News & Ratings for Adverum Biotechnologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adverum Biotechnologies and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply