Adverum Biotechnologies (ADVM) Rating Reiterated by Chardan Capital
Adverum Biotechnologies (NASDAQ:ADVM)‘s stock had its “hold” rating restated by stock analysts at Chardan Capital in a report released on Tuesday.
The analysts wrote, “We note PRVs have in 2017 sold for: 1) $130 mm to Ultragenyx Pharmaceutical (unrated), announced 18 December 2017; 2) $125 mm to BioMarin Pharmaceutical (unrated), announced 27 November 2017, and 3) $125 mm to Sarepta Therapeutics (unrated), announced 21 February 2017. We understand Spark will announce the pricing of Luxturna in January, and that the drug will be available in late 1Q18. The Midwest CEPAC will convene to discuss the Institute for Clinical and Economic Review (ICER) document on Luxturna, on 25 January 2018. Luxturna’s approval is an important (+) for GT, particularly for AAV-based ophthalmology companies. We understand Luxturna is the first gene therapy approved in the US for a genetic disease, the first in vivo and AAV-based gene therapy approved in the US, and the first pharmacologic treatment approved for an inherited retinal disease (IRD).””
ADVM has been the subject of a number of other reports. ValuEngine lowered shares of Adverum Biotechnologies from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 9th. Zacks Investment Research lowered shares of Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research report on Tuesday, December 12th. Finally, Raymond James Financial began coverage on shares of Adverum Biotechnologies in a research report on Thursday, October 12th. They set an “outperform” rating and a $6.00 target price for the company.
Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Wednesday, November 8th. The biotechnology company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.03). Adverum Biotechnologies had a negative return on equity of 26.60% and a negative net margin of 3,398.29%. The company had revenue of $0.46 million during the quarter. research analysts anticipate that Adverum Biotechnologies will post -1.31 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. California Public Employees Retirement System lifted its holdings in Adverum Biotechnologies by 126.7% during the first quarter. California Public Employees Retirement System now owns 117,900 shares of the biotechnology company’s stock valued at $318,000 after purchasing an additional 65,900 shares in the last quarter. LMR Partners LLP purchased a new position in Adverum Biotechnologies during the second quarter valued at approximately $244,000. Virtu KCG Holdings LLC purchased a new position in Adverum Biotechnologies during the second quarter valued at approximately $144,000. Dimensional Fund Advisors LP lifted its holdings in Adverum Biotechnologies by 179.3% during the second quarter. Dimensional Fund Advisors LP now owns 304,741 shares of the biotechnology company’s stock valued at $762,000 after purchasing an additional 195,620 shares in the last quarter. Finally, OxFORD Asset Management LLP lifted its holdings in Adverum Biotechnologies by 719.0% during the second quarter. OxFORD Asset Management LLP now owns 229,669 shares of the biotechnology company’s stock valued at $574,000 after purchasing an additional 201,628 shares in the last quarter. Institutional investors own 30.14% of the company’s stock.
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About Adverum 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.
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