Adverum Biotechnologies (NASDAQ:ADVM) Downgraded to “Sell” Rating by StockNews.com

StockNews.com cut shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a sell rating in a report released on Thursday morning.

A number of other research analysts have also recently commented on the stock. HC Wainwright reiterated a “buy” rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research report on Tuesday, November 19th. Royal Bank of Canada cut 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 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 assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $27.83.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ:ADVM opened at $4.70 on Thursday. The firm has a market capitalization of $97.77 million, a PE ratio of -0.78 and a beta of 0.91. Adverum Biotechnologies has a 52-week low of $4.66 and a 52-week high of $29.70. The firm has a fifty day moving average of $6.91 and a 200 day moving average of $7.13.

Adverum Biotechnologies (NASDAQ:ADVM) last posted 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 analysts’ expectations of $0.50 million. On average, sell-side analysts forecast that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ADVM. BNP Paribas Financial Markets raised its holdings in Adverum Biotechnologies by 177.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 2,649 shares during the last quarter. Captrust Financial Advisors purchased a new position in shares of Adverum Biotechnologies in the third quarter valued at about $71,000. SG Americas Securities LLC bought a new position in shares of Adverum Biotechnologies during the third quarter valued at about $74,000. MetLife Investment Management LLC boosted its holdings in shares of 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 purchasing an additional 7,089 shares during the period. Finally, Zacks Investment Management purchased a new stake in shares of Adverum Biotechnologies during the third quarter worth about $89,000. Institutional investors own 48.17% of the company’s stock.

Adverum Biotechnologies Company Profile

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.