Adverum Biotechnologies Sees Unusually Large Options Volume (NASDAQ:ADVM)

Adverum Biotechnologies Inc (NASDAQ:ADVM) saw some unusual options trading activity on Tuesday. Investors purchased 2,160 call options on the company. This is an increase of approximately 980% compared to the typical volume of 200 call options.

A number of brokerages have recently issued reports on ADVM. ValuEngine raised shares of Adverum Biotechnologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 18th. Cowen reissued a “buy” rating on shares of Adverum Biotechnologies in a research report on Tuesday, July 9th. SunTrust Banks boosted their target price on shares of Adverum Biotechnologies to $12.00 and gave the company a “hold” rating in a research report on Monday, July 29th. They noted that the move was a valuation call. Raymond James began coverage on shares of Adverum Biotechnologies in a research report on Thursday, June 13th. They issued a “market perform” rating for the company. Finally, BidaskClub cut shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. Six investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Adverum Biotechnologies currently has an average rating of “Hold” and an average target price of $10.10.

ADVM stock traded up $0.31 during midday trading on Wednesday, reaching $11.91. The company had a trading volume of 7,042 shares, compared to its average volume of 691,202. The stock has a market capitalization of $744.59 million, a P/E ratio of -9.79 and a beta of 2.42. The company’s 50 day simple moving average is $12.96. Adverum Biotechnologies has a 1-year low of $2.62 and a 1-year high of $16.38. The company has a debt-to-equity ratio of 0.12, a current ratio of 18.20 and a quick ratio of 18.20.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.23) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.08. Adverum Biotechnologies had a negative return on equity of 30.28% and a negative net margin of 4,505.40%. Research analysts anticipate that Adverum Biotechnologies will post -1.13 EPS for the current year.

A number of hedge funds have recently bought and sold shares of ADVM. Virtus ETF Advisers LLC bought a new position in shares of Adverum Biotechnologies in the 2nd quarter worth $293,000. Parametric Portfolio Associates LLC lifted its holdings in shares of Adverum Biotechnologies by 901.2% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 108,953 shares of the biotechnology company’s stock worth $1,295,000 after purchasing an additional 98,071 shares in the last quarter. Sofinnova Investments Inc. lifted its holdings in shares of Adverum Biotechnologies by 17.5% in the 2nd quarter. Sofinnova Investments Inc. now owns 187,059 shares of the biotechnology company’s stock worth $2,225,000 after purchasing an additional 27,822 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Adverum Biotechnologies by 1.7% in the 2nd quarter. Renaissance Technologies LLC now owns 3,857,500 shares of the biotechnology company’s stock worth $45,866,000 after purchasing an additional 63,200 shares in the last quarter. Finally, Atika Capital Management LLC bought a new position in shares of Adverum Biotechnologies in the 2nd quarter worth $4,387,000. 61.01% of the stock is 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 to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.

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