StockNews.com Upgrades Adverum Biotechnologies (NASDAQ:ADVM) to Hold

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

ADVM has been the subject of several other research reports. HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, November 19th. Truist Financial lowered their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Finally, Royal Bank of Canada lowered their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 5th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Adverum Biotechnologies has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Stock Down 3.5 %

Shares of ADVM stock opened at $5.72 on Wednesday. Adverum Biotechnologies has a 12-month low of $5.63 and a 12-month high of $29.70. The company has a market capitalization of $118.99 million, a P/E ratio of -0.96 and a beta of 0.91. The firm has a 50-day moving average price of $7.19 and a 200 day moving average price of $7.24.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The business had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $0.50 million. As a group, research analysts expect that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Institutional Investors Weigh In On Adverum Biotechnologies

Several institutional investors have recently modified their holdings of ADVM. BML Capital Management LLC grew its position in shares of Adverum Biotechnologies by 15.4% during the 3rd quarter. BML Capital Management LLC now owns 2,268,064 shares of the biotechnology company’s stock worth $15,922,000 after buying an additional 302,064 shares during the period. Assenagon Asset Management S.A. boosted its stake in Adverum Biotechnologies by 72.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after acquiring an additional 259,191 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Adverum Biotechnologies by 741.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock worth $1,533,000 after acquiring an additional 196,884 shares during the last quarter. State Street Corp boosted its stake in Adverum Biotechnologies by 32.7% during the 3rd quarter. State Street Corp now owns 369,616 shares of the biotechnology company’s stock worth $2,595,000 after acquiring an additional 91,112 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its stake in Adverum Biotechnologies by 301.1% during the 2nd quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company’s stock worth $748,000 after acquiring an additional 81,808 shares during the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

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.