Adverum Biotechnologies (NASDAQ:ADVM) Cut to Hold at BidaskClub

BidaskClub lowered shares of Adverum Biotechnologies (NASDAQ:ADVM) from a buy rating to a hold rating in a research note published on Saturday morning, BidAskClub reports.

A number of other equities research analysts have also recently issued reports on the stock. SVB Leerink increased their target price on shares of Adverum Biotechnologies from $17.00 to $20.00 and gave the stock an outperform rating in a research report on Tuesday, May 5th. SunTrust Banks upgraded shares of Adverum Biotechnologies from a hold rating to a buy rating and increased their target price for the stock from $13.00 to $21.00 in a research report on Tuesday, May 5th. Raymond James cut shares of Adverum Biotechnologies from a market perform rating to an underperform rating in a research report on Friday, June 26th. Goldman Sachs Group assumed coverage on shares of Adverum Biotechnologies in a research report on Tuesday, April 28th. They set a buy rating and a $17.00 target price for the company. Finally, Piper Sandler increased their target price on shares of Adverum Biotechnologies from $20.00 to $25.00 in a research report on Friday, May 29th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $21.89.

NASDAQ:ADVM opened at $20.69 on Friday. The stock has a market cap of $1.52 billion, a P/E ratio of -19.16 and a beta of 2.32. Adverum Biotechnologies has a one year low of $4.96 and a one year high of $26.98. The company has a fifty day moving average price of $21.25 and a 200 day moving average price of $14.22. The company has a debt-to-equity ratio of 0.09, a current ratio of 17.92 and a quick ratio of 17.92.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Thursday, May 28th. The biotechnology company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.04). As a group, equities research analysts anticipate that Adverum Biotechnologies will post -1.23 EPS for the current year.

In other news, President Leone D. Patterson sold 13,171 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $24.68, for a total value of $325,060.28. Following the transaction, the president now owns 110,488 shares of the company’s stock, valued at approximately $2,726,843.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mehdi Gasmi sold 1,401 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $20.01, for a total transaction of $28,034.01. Following the completion of the transaction, the director now directly owns 275,843 shares in the company, valued at approximately $5,519,618.43. The disclosure for this sale can be found here. In the last three months, insiders have sold 109,572 shares of company stock worth $2,440,225. Insiders own 12.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of ADVM. Atlas Capital Advisors LLC bought a new position in shares of Adverum Biotechnologies in the 1st quarter valued at about $29,000. Great West Life Assurance Co. Can bought a new position in shares of Adverum Biotechnologies in the 4th quarter valued at about $44,000. Ameritas Investment Partners Inc. boosted its stake in shares of Adverum Biotechnologies by 25.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,510 shares of the biotechnology company’s stock valued at $54,000 after purchasing an additional 1,112 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Adverum Biotechnologies by 44.0% in the 4th quarter. Bank of Montreal Can now owns 6,817 shares of the biotechnology company’s stock valued at $79,000 after purchasing an additional 2,082 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Adverum Biotechnologies by 20.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,737 shares of the biotechnology company’s stock valued at $95,000 after purchasing an additional 1,669 shares during the last quarter.

Adverum Biotechnologies Company Profile

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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