Adverum Biotechnologies (NASDAQ:ADVM) Downgraded to “Sell” at StockNews.com

StockNews.com cut shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a sell rating in a research report report published on Wednesday morning.

Several other equities analysts also recently weighed in on the stock. HC Wainwright initiated coverage on shares of Adverum Biotechnologies in a research note on Tuesday. They issued a buy rating and a $30.00 target price for the company. Mizuho dropped their price target on Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating for the company in a research report on Monday, April 29th. Finally, Chardan Capital reiterated a buy rating and set a $4.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $29.00.

Adverum Biotechnologies Trading Up 4.3 %

ADVM stock opened at $10.43 on Wednesday. The stock has a market cap of $216.47 million, a P/E ratio of -0.90 and a beta of 0.89. The stock’s fifty day simple moving average is $14.56 and its two-hundred day simple moving average is $12.04. Adverum Biotechnologies has a 1-year low of $7.40 and a 1-year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.80) by $0.50. As a group, analysts forecast that Adverum Biotechnologies will post -5.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adverum Biotechnologies news, Director James Paul Scopa purchased 10,000 shares of Adverum Biotechnologies stock in a transaction on Wednesday, February 7th. The shares were acquired at an average cost of $13.50 per share, for a total transaction of $135,000.00. Following the completion of the transaction, the director now directly owns 10,000 shares of the company’s stock, valued at $135,000. The purchase was disclosed in a filing with the SEC, which is available at this link. 5.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Adverum Biotechnologies

Several institutional investors have recently added to or reduced their stakes in the business. AIGH Capital Management LLC increased its holdings in shares of Adverum Biotechnologies by 139.6% in the fourth quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock worth $2,388,000 after buying an additional 1,848,834 shares during the period. Vivo Capital LLC bought a new position in Adverum Biotechnologies during the 1st quarter worth approximately $21,210,000. BML Capital Management LLC increased its stake in Adverum Biotechnologies by 16.3% in the 4th quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock worth $3,428,000 after purchasing an additional 639,252 shares during the period. Citigroup Inc. bought a new stake in Adverum Biotechnologies in the third quarter valued at approximately $715,000. Finally, Worth Venture Partners LLC lifted its position in Adverum Biotechnologies by 136.5% in the fourth quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock valued at $590,000 after purchasing an additional 452,678 shares during the last quarter. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with wet age-related macular degeneration and diabetic macular edema which is in phase 2 clinical trials.