Avalanche Biotechnologies Inc. (ADVM) Stock Rating Lowered by Zacks Investment Research
Avalanche Biotechnologies Inc. (NASDAQ:ADVM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Adverum Biotechnologies, Inc. is a gene therapy company. The Company discovers and develops novel medicines for patients living with rare diseases. Adverum Biotechnologies Inc, formerly known as Avalanche Biotechnologies Inc., is headquartered in Menlo Park, California. “
Several other analysts have also weighed in on the company. Piper Jaffray Cos. set a $9.00 price objective on Avalanche Biotechnologies and gave the company a “buy” rating in a report on Thursday, August 18th. Jefferies Group reissued a “buy” rating and issued a $12.00 price objective on shares of Avalanche Biotechnologies in a report on Wednesday, August 10th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $7.75.
Avalanche Biotechnologies (NASDAQ:ADVM) opened at 3.81 on Tuesday. The firm’s market capitalization is $157.54 million. Avalanche Biotechnologies has a one year low of $2.99 and a one year high of $10.69. The company’s 50-day moving average price is $3.92 and its 200 day moving average price is $4.18.
Avalanche Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($1.76) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.38) by $1.38. Avalanche Biotechnologies had a negative net margin of 4,234.61% and a negative return on equity of 21.33%. On average, analysts forecast that Avalanche Biotechnologies will post ($2.33) earnings per share for the current year.
Institutional investors have recently bought and sold shares of the stock. Gilder Gagnon Howe & Co. LLC bought a new position in Avalanche Biotechnologies during the second quarter valued at approximately $161,000. Bank of New York Mellon Corp acquired a new position in shares of Avalanche Biotechnologies during the second quarter worth about $192,000. California State Teachers Retirement System acquired a new position in shares of Avalanche Biotechnologies during the second quarter worth about $152,000. California Public Employees Retirement System acquired a new position in shares of Avalanche Biotechnologies during the second quarter worth about $164,000. Finally, Granite Point Capital Management L.P. acquired a new position in shares of Avalanche Biotechnologies during the second quarter worth about $589,000. 37.91% of the stock is owned by institutional investors.
About Avalanche Biotechnologies
Adverum Biotechnologies, Inc, formerly Avalanche Biotechnologies, Inc, is a gene therapy company. The Company is engaged in discovering and developing medicines to patients suffering from chronic or debilitating disease. The Company operates and manages its business in the segment of developing and commercializing gene therapeutics.
Receive News & Stock Ratings for Avalanche Biotechnologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avalanche Biotechnologies Inc. and related stocks with our FREE daily email newsletter.