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.
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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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