BidaskClub upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a buy rating in a report issued on Tuesday, BidAskClub reports.

A number of other research firms have also issued reports on ADVM. Zacks Investment Research lowered shares of Adverum Biotechnologies from a buy rating to a hold rating in a research note on Thursday, October 24th. Chardan Capital lifted their price objective on shares of Adverum Biotechnologies from $6.00 to $10.00 and gave the company a neutral rating in a research note on Tuesday, October 15th. Cantor Fitzgerald restated a neutral rating and issued a $8.00 price target (up previously from $3.00) on shares of Adverum Biotechnologies in a research note on Tuesday, September 17th. SunTrust Banks dropped their price target on shares of Adverum Biotechnologies from $12.00 to $8.00 and set a hold rating for the company in a research note on Friday, September 13th. Finally, ValuEngine upgraded shares of Adverum Biotechnologies from a sell rating to a hold rating in a research note on Friday, November 1st. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $9.20.

Shares of Adverum Biotechnologies stock traded up $0.36 during mid-day trading on Tuesday, hitting $9.37. 849,700 shares of the stock were exchanged, compared to its average volume of 1,079,618. The stock has a market capitalization of $582.58 million, a price-to-earnings ratio of -7.94 and a beta of 2.54. The company has a 50-day simple moving average of $6.84 and a 200 day simple moving average of $9.66. Adverum Biotechnologies has a twelve month low of $2.81 and a twelve month high of $16.38. The company has a current ratio of 9.44, a quick ratio of 9.44 and a debt-to-equity ratio of 0.14.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.02. The firm had revenue of $0.25 million for the quarter, compared to analysts’ expectations of $0.48 million. Equities research analysts forecast that Adverum Biotechnologies will post -1.01 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of the stock. Renaissance Technologies LLC increased its stake in shares of Adverum Biotechnologies by 1.7% in the second quarter. Renaissance Technologies LLC now owns 3,857,500 shares of the biotechnology company’s stock worth $45,866,000 after buying an additional 63,200 shares during the last quarter. UBS Group AG increased its stake in shares of Adverum Biotechnologies by 52.1% in the second quarter. UBS Group AG now owns 3,138,539 shares of the biotechnology company’s stock worth $37,317,000 after buying an additional 1,074,535 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Adverum Biotechnologies by 19.2% in the second quarter. Vanguard Group Inc. now owns 2,524,477 shares of the biotechnology company’s stock worth $30,016,000 after buying an additional 406,963 shares during the last quarter. Orbimed Advisors LLC increased its stake in shares of Adverum Biotechnologies by 57.7% in the second quarter. Orbimed Advisors LLC now owns 1,960,200 shares of the biotechnology company’s stock worth $23,307,000 after buying an additional 717,000 shares during the last quarter. Finally, Primecap Management Co. CA increased its stake in shares of Adverum Biotechnologies by 2.9% in the second quarter. Primecap Management Co. CA now owns 1,082,000 shares of the biotechnology company’s stock worth $12,865,000 after buying an additional 30,000 shares during the last quarter. Institutional investors and hedge funds own 72.06% of the company’s stock.

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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