Logos Global Management LP Cuts Stake in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Logos Global Management LP cut its stake in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 72.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 416,666 shares of the biotechnology company’s stock after selling 1,083,333 shares during the quarter. Logos Global Management LP owned about 2.01% of Adverum Biotechnologies worth $2,858,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Renaissance Technologies LLC grew its stake in shares of Adverum Biotechnologies by 2.4% during the second quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company’s stock valued at $935,000 after acquiring an additional 3,169 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Adverum Biotechnologies by 741.8% during the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company’s stock valued at $1,533,000 after acquiring an additional 196,884 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Adverum Biotechnologies by 10,419.1% during the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 30,528 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Adverum Biotechnologies during the second quarter valued at about $443,000. Finally, Assenagon Asset Management S.A. grew its stake in Adverum Biotechnologies by 72.3% in the second quarter. Assenagon Asset Management S.A. now owns 617,910 shares of the biotechnology company’s stock worth $4,239,000 after purchasing an additional 259,191 shares in the last quarter. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Adverum Biotechnologies Trading Down 8.1 %

ADVM opened at $6.88 on Tuesday. The business’s 50 day moving average is $7.26 and its 200-day moving average is $9.18. The stock has a market cap of $142.81 million, a PE ratio of -0.67 and a beta of 1.03. Adverum Biotechnologies, Inc. has a twelve month low of $6.38 and a twelve month high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.47) by $0.58. As a group, analysts forecast that Adverum Biotechnologies, Inc. will post -4.64 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ADVM. HC Wainwright reiterated a “buy” rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a research note 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 for the company in a research note on Tuesday, August 13th. Truist Financial decreased their price target on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Oppenheimer assumed coverage on Adverum Biotechnologies in a research note on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 price target for the company. Finally, Chardan Capital lifted their target price on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.17.

Insider Buying and Selling

In other news, major shareholder Braden Michael Leonard bought 135,546 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were purchased at an average price of $7.75 per share, with a total value of $1,050,481.50. Following the completion of the acquisition, the insider now directly owns 2,101,546 shares in the company, valued at $16,286,981.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.20% of the stock is owned by corporate insiders.

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.