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

StockNews.com downgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a sell rating in a research note released on Monday morning.

Several other brokerages also recently weighed in on ADVM. Chardan Capital lifted their price objective 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. HC Wainwright reaffirmed a buy rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Friday, May 10th. Mizuho dropped their target price on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating on the stock in a research report on Monday, April 29th. Oppenheimer assumed coverage on shares of Adverum Biotechnologies in a research report on Tuesday, June 25th. They issued an outperform rating and a $25.00 target price on the stock. Finally, Truist Financial reaffirmed a buy rating and set a $60.00 price objective on shares of Adverum Biotechnologies in a research report on Wednesday, May 15th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $35.40.

Adverum Biotechnologies Price Performance

Shares of ADVM stock opened at $8.09 on Monday. The firm has a market cap of $167.95 million, a P/E ratio of -0.79 and a beta of 1.07. Adverum Biotechnologies has a 1-year low of $6.38 and a 1-year high of $29.70. The firm has a fifty day moving average of $7.59 and a two-hundred day moving average of $11.70.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($1.50) earnings per share for the quarter, missing the consensus estimate of ($1.28) by ($0.22). On average, sell-side analysts expect that Adverum Biotechnologies will post -5.5 EPS for the current year.

Insiders Place Their Bets

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard bought 135,546 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were bought at an average price of $7.75 per share, for a total transaction of $1,050,481.50. Following the completion of the acquisition, the insider now owns 2,101,546 shares of the company’s stock, valued at $16,286,981.50. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Adverum Biotechnologies

Hedge funds have recently added to or reduced their stakes in the company. Apexium Financial LP bought a new position in Adverum Biotechnologies during the fourth quarter worth about $45,000. Monaco Asset Management SAM lifted its stake in Adverum Biotechnologies by 33.8% in the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after acquiring an additional 20,000 shares in the last quarter. Twin Focus Capital Partners LLC bought a new stake in shares of Adverum Biotechnologies during the 4th quarter worth approximately $75,000. Worth Venture Partners LLC increased its holdings in shares of Adverum Biotechnologies by 136.5% during the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after acquiring an additional 452,678 shares during the last quarter. Finally, Picton Mahoney Asset Management acquired a new position in Adverum Biotechnologies in the 1st quarter valued at $1,755,000. Institutional investors 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.