Adverum Biotechnologies (NASDAQ:ADVM) Rating Lowered to Sell at StockNews.com

StockNews.com downgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a sell rating in a research note released on Wednesday morning.

ADVM has been the topic of several other reports. Chardan Capital reaffirmed a buy rating and set a $4.00 target price on shares of Adverum Biotechnologies in a report on Tuesday, March 19th. Mizuho lowered their target price on shares of Adverum Biotechnologies from $40.00 to $22.00 and set a buy rating on the stock in a report on Monday. Finally, HC Wainwright began coverage on shares of Adverum Biotechnologies in a research report on Tuesday. They set a buy rating and a $30.00 price target on the stock. One analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, Adverum Biotechnologies presently has a consensus rating of Moderate Buy and a consensus price target of $29.00.

Adverum Biotechnologies Trading Up 0.7 %

Shares of ADVM opened at $9.79 on Wednesday. Adverum Biotechnologies has a 12 month low of $7.21 and a 12 month high of $29.70. The firm’s 50 day moving average is $14.78 and its 200-day moving average is $12.05. The stock has a market capitalization of $203.14 million, a PE ratio of -0.84 and a beta of 0.84.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Monday, March 18th. The biotechnology company reported ($2.30) EPS for the quarter, topping the consensus estimate of ($2.80) by $0.50. Equities research analysts predict that Adverum Biotechnologies will post -5.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director James Paul Scopa purchased 10,000 shares of Adverum Biotechnologies stock in a transaction that occurred on Wednesday, February 7th. The shares were acquired at an average price of $13.50 per share, for a total transaction of $135,000.00. Following the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $135,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.30% of the stock is currently owned by company insiders.

Institutional Trading of Adverum Biotechnologies

Several large investors have recently made changes to their positions in the company. Monaco Asset Management SAM boosted its position in Adverum Biotechnologies by 33.8% in the fourth quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after buying an additional 20,000 shares in the last quarter. Newtyn Management LLC boosted its position in Adverum Biotechnologies by 2.5% in the third quarter. Newtyn Management LLC now owns 1,025,000 shares of the biotechnology company’s stock valued at $1,538,000 after buying an additional 25,000 shares in the last quarter. Apexium Financial LP acquired a new stake in Adverum Biotechnologies in the fourth quarter valued at approximately $45,000. Twin Focus Capital Partners LLC acquired a new stake in Adverum Biotechnologies in the fourth quarter valued at approximately $75,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Adverum Biotechnologies in the first quarter valued at approximately $5,072,000. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Company Profile

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.