Adverum Biotechnologies (NASDAQ:ADVM) Rating Lowered to Strong Sell at Wall Street Zen

Adverum Biotechnologies (NASDAQ:ADVM) was downgraded by Wall Street Zen to a “strong sell” rating in a report released on Saturday.

Several other analysts have also recently issued reports on ADVM. Truist Financial set a $5.00 target price on shares of Adverum Biotechnologies in a research note on Friday, October 24th. Mizuho set a $5.50 price objective on Adverum Biotechnologies in a research report on Wednesday, October 29th. Chardan Capital cut Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Royal Bank Of Canada set a $4.00 target price on Adverum Biotechnologies in a research note on Tuesday, October 28th. Finally, HC Wainwright reaffirmed a “neutral” rating and issued a $5.00 price target (down previously from $30.00) on shares of Adverum Biotechnologies in a report on Monday, November 17th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Adverum Biotechnologies has an average rating of “Hold” and a consensus price target of $10.50.

Adverum Biotechnologies Stock Up 2.3%

ADVM stock opened at $4.36 on Friday. The stock has a 50-day simple moving average of $4.35 and a two-hundred day simple moving average of $3.41. Adverum Biotechnologies has a twelve month low of $1.78 and a twelve month high of $6.12. The firm has a market capitalization of $96.26 million, a PE ratio of -0.51 and a beta of 0.87.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings results on Wednesday, November 12th. The biotechnology company reported ($2.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.80) by ($0.23). On average, equities research analysts anticipate that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Peter Soparkar acquired 50,000 shares of the business’s stock in a transaction dated Friday, December 5th. The stock was purchased at an average cost of $4.22 per share, for a total transaction of $211,000.00. Following the acquisition, the chief operating officer owned 80,189 shares of the company’s stock, valued at $338,397.58. This trade represents a 165.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Braden Michael Leonard sold 524,560 shares of the stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $4.19, for a total transaction of $2,197,906.40. Following the transaction, the insider owned 1,958,080 shares in the company, valued at $8,204,355.20. The trade was a 21.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders bought 178,699 shares of company stock valued at $764,917 and sold 1,099,446 shares valued at $4,605,740. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Adverum Biotechnologies

Several hedge funds have recently added to or reduced their stakes in ADVM. Y Intercept Hong Kong Ltd purchased a new stake in Adverum Biotechnologies during the second quarter valued at about $45,000. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Adverum Biotechnologies in the 3rd quarter valued at about $58,000. XTX Topco Ltd purchased a new stake in Adverum Biotechnologies during the 2nd quarter valued at about $64,000. Qube Research & Technologies Ltd bought a new position in Adverum Biotechnologies during the 2nd quarter worth approximately $66,000. Finally, Marshall Wace LLP bought a new position in Adverum Biotechnologies during the 2nd quarter worth approximately $107,000. 48.17% of the stock is owned by 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.