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

Adverum Biotechnologies (NASDAQ:ADVM) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

ADVM has been the subject of a number of other research reports. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. Royal Bank of Canada cut their target price on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.83.

Adverum Biotechnologies Price Performance

NASDAQ ADVM opened at $4.81 on Thursday. Adverum Biotechnologies has a 1 year low of $4.76 and a 1 year high of $29.70. The company has a market capitalization of $100.06 million, a PE ratio of -0.80 and a beta of 0.91. The company has a fifty day moving average of $6.97 and a 200 day moving average of $7.15.

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

Institutional Investors Weigh In On Adverum Biotechnologies

Large investors have recently modified their holdings of the company. BNP Paribas Financial Markets increased its position in shares of Adverum Biotechnologies by 177.0% during the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 2,649 shares during the last quarter. Captrust Financial Advisors bought a new position in Adverum Biotechnologies in the 3rd quarter valued at $71,000. SG Americas Securities LLC purchased a new stake in shares of Adverum Biotechnologies during the 3rd quarter valued at $74,000. MetLife Investment Management LLC raised its stake in shares of Adverum Biotechnologies by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after purchasing an additional 7,089 shares during the period. Finally, Zacks Investment Management purchased a new position in shares of Adverum Biotechnologies in the 3rd quarter worth about $89,000. 48.17% of the stock is owned by hedge funds and other 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.