Adverum Biotechnologies’ (ADVM) Sell (D-) Rating Reiterated at Weiss Ratings

Weiss Ratings reaffirmed their sell (d-) rating on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a report released on Wednesday morning,Weiss Ratings reports.

Other equities analysts also recently issued research reports about the stock. Mizuho decreased their price objective on shares of Adverum Biotechnologies from $16.00 to $12.00 and set an “outperform” rating for the company in a research note on Thursday, June 26th. Chardan Capital restated a “buy” rating and issued a $33.00 price objective on shares of Adverum Biotechnologies in a research report on Wednesday, August 13th. Finally, HC Wainwright restated a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, September 23rd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $19.75.

Adverum Biotechnologies Trading Down 9.6%

Adverum Biotechnologies stock opened at $4.81 on Wednesday. Adverum Biotechnologies has a twelve month low of $1.78 and a twelve month high of $8.56. The stock’s fifty day simple moving average is $3.48 and its 200-day simple moving average is $3.05. The firm has a market capitalization of $100.91 million, a P/E ratio of -0.61 and a beta of 0.98.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Tuesday, August 12th. The biotechnology company reported ($2.34) EPS for the quarter, missing analysts’ consensus estimates of ($2.24) by ($0.10). Sell-side analysts predict that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Institutional Trading of Adverum Biotechnologies

A number of hedge funds have recently bought and sold shares of ADVM. Y Intercept Hong Kong Ltd acquired a new stake in Adverum Biotechnologies during the second quarter worth approximately $45,000. XTX Topco Ltd acquired a new position in shares of Adverum Biotechnologies in the 2nd quarter valued at $64,000. Qube Research & Technologies Ltd acquired a new position in shares of Adverum Biotechnologies in the 2nd quarter valued at $66,000. Marshall Wace LLP acquired a new position in shares of Adverum Biotechnologies in the 2nd quarter valued at $107,000. Finally, Nuveen LLC acquired a new position in shares of Adverum Biotechnologies in the 1st quarter valued at $139,000. 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.