Adverum Biotechnologies (NASDAQ:ADVM) Upgraded to Strong-Buy at ValuEngine

ValuEngine upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a buy rating to a strong-buy rating in a research note issued to investors on Saturday, May 18th, ValuEngine reports.

A number of other research analysts also recently issued reports on ADVM. Zacks Investment Research raised shares of Adverum Biotechnologies from a hold rating to a buy rating and set a $9.00 price objective on the stock in a research report on Friday, May 17th. Cowen reissued a buy rating on shares of Adverum Biotechnologies in a research report on Thursday, May 16th. BidaskClub upgraded shares of Adverum Biotechnologies from a buy rating to a strong-buy rating in a report on Thursday, March 21st. Finally, Piper Jaffray Companies boosted their target price on shares of Adverum Biotechnologies from $8.00 to $12.00 and gave the company an overweight rating in a report on Friday, May 17th. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $8.10.

Adverum Biotechnologies stock traded down $0.24 during mid-day trading on Friday, reaching $11.02. 835,090 shares of the company traded hands, compared to its average volume of 515,278. The company has a current ratio of 18.20, a quick ratio of 18.20 and a debt-to-equity ratio of 0.12. The company has a market cap of $723.94 million, a P/E ratio of -9.34 and a beta of 2.36. Adverum Biotechnologies has a 52-week low of $2.62 and a 52-week high of $11.46.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings data on Wednesday, May 8th. The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.04. Adverum Biotechnologies had a negative net margin of 4,505.40% and a negative return on equity of 30.98%. Analysts predict that Adverum Biotechnologies will post -1.07 EPS for the current fiscal year.

In other Adverum Biotechnologies news, Director James Paul Scopa bought 20,000 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was acquired at an average price of $6.71 per share, with a total value of $134,200.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 5.00% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in ADVM. RTW Investments LP lifted its position in Adverum Biotechnologies by 3,285.4% in the fourth quarter. RTW Investments LP now owns 6,256,840 shares of the biotechnology company’s stock worth $19,709,000 after buying an additional 6,072,019 shares during the last quarter. BlackRock Inc. boosted its position in Adverum Biotechnologies by 20.4% during the fourth quarter. BlackRock Inc. now owns 4,443,970 shares of the biotechnology company’s stock valued at $14,000,000 after purchasing an additional 753,735 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Adverum Biotechnologies by 12.7% during the first quarter. JPMorgan Chase & Co. now owns 3,297,793 shares of the biotechnology company’s stock valued at $17,281,000 after purchasing an additional 371,461 shares in the last quarter. 683 Capital Management LLC boosted its position in Adverum Biotechnologies by 1,169.6% during the fourth quarter. 683 Capital Management LLC now owns 362,386 shares of the biotechnology company’s stock valued at $1,142,000 after purchasing an additional 333,842 shares in the last quarter. Finally, Perceptive Advisors LLC acquired a new stake in Adverum Biotechnologies in the fourth quarter worth about $960,000. 61.31% of the stock is owned by institutional investors.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.

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Analyst Recommendations for Adverum Biotechnologies (NASDAQ:ADVM)

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