SG Americas Securities LLC Invests $74,000 in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

SG Americas Securities LLC purchased a new stake in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 10,597 shares of the biotechnology company’s stock, valued at approximately $74,000. SG Americas Securities LLC owned about 0.05% of Adverum Biotechnologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Rhumbline Advisers increased its stake in shares of Adverum Biotechnologies by 10,419.1% in the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock worth $211,000 after acquiring an additional 30,528 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Adverum Biotechnologies during the 2nd quarter valued at about $443,000. Squarepoint Ops LLC grew its holdings in shares of Adverum Biotechnologies by 301.1% in the second quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock valued at $748,000 after purchasing an additional 81,808 shares during the period. Renaissance Technologies LLC increased its position in Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock worth $935,000 after purchasing an additional 3,169 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in Adverum Biotechnologies by 52.9% during the second quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company’s stock worth $1,404,000 after purchasing an additional 70,768 shares during the period. Hedge funds and other institutional investors own 48.17% of the company’s stock.

Adverum Biotechnologies Trading Down 0.8 %

ADVM opened at $7.92 on Tuesday. The stock’s 50-day moving average price is $7.31 and its 200 day moving average price is $7.88. Adverum Biotechnologies, Inc. has a 12-month low of $6.38 and a 12-month high of $29.70. The firm has a market cap of $164.40 million, a price-to-earnings ratio of -0.78 and a beta of 1.04.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.47) by $0.58. On average, research analysts forecast that Adverum Biotechnologies, Inc. will post -4.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ADVM shares. Truist Financial dropped their price target on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. HC Wainwright restated a “buy” rating and issued a $30.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, August 13th. Royal Bank of Canada decreased their price target on Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 13th. StockNews.com raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. Finally, Chardan Capital upped their target price on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Adverum Biotechnologies has an average rating of “Moderate Buy” and an average price target of $28.17.

Adverum Biotechnologies Profile

Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with wet age-related macular degeneration and diabetic macular edema which is in phase 2 clinical trials.