Adverum Biotechnologies (NASDAQ:ADVM) Rating Lowered to Sell at StockNews.com

Adverum Biotechnologies (NASDAQ:ADVM) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Tuesday.

A number of other research analysts have also recently issued reports on the company. Truist Financial reduced their price objective on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday. Finally, Royal Bank of Canada decreased their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Adverum Biotechnologies presently has a consensus rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Price Performance

Adverum Biotechnologies stock opened at $6.17 on Tuesday. Adverum Biotechnologies has a one year low of $6.00 and a one year high of $29.70. The stock’s fifty day moving average price is $7.46 and its two-hundred day moving average price is $7.53. The firm has a market cap of $128.34 million, a PE ratio of -1.03 and a beta of 1.02.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.20) by ($0.10). The firm had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. Sell-side analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adverum Biotechnologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADVM. Barclays PLC lifted its holdings in shares of Adverum Biotechnologies by 125.8% in the third quarter. Barclays PLC now owns 35,832 shares of the biotechnology company’s stock valued at $252,000 after purchasing an additional 19,965 shares in the last quarter. Zacks Investment Management purchased a new stake in shares of Adverum Biotechnologies during the third quarter worth $89,000. State Street Corp increased its position in Adverum Biotechnologies by 32.7% during the third quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock worth $2,595,000 after buying an additional 91,112 shares during the last quarter. Captrust Financial Advisors acquired a new position in Adverum Biotechnologies during the third quarter worth $71,000. Finally, MetLife Investment Management LLC increased its position in Adverum Biotechnologies by 129.1% during the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after buying an additional 7,089 shares during the last quarter. 48.17% of the stock is owned by institutional investors.

About Adverum Biotechnologies

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.