Adverum Biotechnologies (ADVM) Upgraded to “Buy” by Zacks Investment Research
Adverum Biotechnologies (NASDAQ:ADVM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $7.75 target price on the biotechnology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 5.16% from the stock’s current price.
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 research firms have also recently weighed in on ADVM. ValuEngine raised shares of Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 25th. Piper Jaffray Companies initiated coverage on shares of Adverum Biotechnologies in a research report on Thursday, February 15th. They set an “overweight” rating and a $12.00 price objective for the company. BidaskClub cut shares of Adverum Biotechnologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Chardan Capital reaffirmed a “hold” rating on shares of Adverum Biotechnologies in a research report on Tuesday, December 19th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Adverum Biotechnologies has a consensus rating of “Buy” and an average price target of $7.31.
Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Tuesday, March 6th. The biotechnology company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.03. Adverum Biotechnologies had a negative net margin of 3,036.61% and a negative return on equity of 29.61%. The business had revenue of $0.46 million during the quarter. analysts forecast that Adverum Biotechnologies will post -1.31 earnings per share for the current year.
Large investors have recently bought and sold shares of the stock. Jane Street Group LLC purchased a new position in shares of Adverum Biotechnologies during the 3rd quarter worth approximately $108,000. BlueCrest Capital Management Ltd purchased a new position in shares of Adverum Biotechnologies during the 4th quarter worth approximately $111,000. Citadel Advisors LLC boosted its position in shares of Adverum Biotechnologies by 365.1% during the 4th quarter. Citadel Advisors LLC now owns 47,189 shares of the biotechnology company’s stock worth $165,000 after purchasing an additional 37,042 shares during the period. Raymond James & Associates purchased a new position in shares of Adverum Biotechnologies during the 4th quarter worth approximately $172,000. Finally, Spark Investment Management LLC boosted its position in shares of Adverum Biotechnologies by 64.2% during the 4th quarter. Spark Investment Management LLC now owns 66,821 shares of the biotechnology company’s stock worth $233,000 after purchasing an additional 26,121 shares during the period. 36.69% of the stock is owned by hedge funds and other institutional investors.
About Adverum Biotechnologies
Adverum Biotechnologies, Inc is a clinical-stage gene therapy company targeting unmet medical needs in serious rare and ocular diseases. Adverum has a robust pipeline that includes product candidates designed to treat rare diseases alpha-1 antitrypsin (A1AT) deficiency and hereditary angioedema (HAE) as well as wet age-related macular degeneration (wAMD).
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