Adverum Biotechnologies (NASDAQ:ADVM) Downgraded by Wall Street Zen to “Strong Sell”

Wall Street Zen lowered shares of Adverum Biotechnologies (NASDAQ:ADVM) to a strong sell rating in a research note released on Saturday morning.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Adverum Biotechnologies in a research note on Wednesday, October 8th. HC Wainwright reiterated a “neutral” rating and set a $5.00 price objective (down previously from $30.00) on shares of Adverum Biotechnologies in a report on Monday, November 17th. Royal Bank Of Canada set a $4.00 target price on shares of Adverum Biotechnologies in a research report on Tuesday, October 28th. Chardan Capital lowered Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Finally, Truist Financial set a $5.00 price objective on Adverum Biotechnologies in a report on Friday, October 24th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $10.50.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ:ADVM opened at $4.36 on Friday. The firm has a fifty day moving average price of $4.35 and a 200 day moving average price of $3.40. Adverum Biotechnologies has a fifty-two week low of $1.78 and a fifty-two week high of $6.12. The firm has a market cap of $96.26 million, a price-to-earnings ratio of -0.51 and a beta of 0.87.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results on Wednesday, November 12th. The biotechnology company reported ($2.03) EPS for the quarter, missing analysts’ consensus estimates of ($1.80) by ($0.23). As a group, research analysts predict that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Insider Buying and Selling at Adverum Biotechnologies

In other Adverum Biotechnologies news, COO Peter Soparkar purchased 50,000 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were acquired at an average price of $4.22 per share, for a total transaction of $211,000.00. Following the completion of the purchase, the chief operating officer owned 80,189 shares of the company’s stock, valued at approximately $338,397.58. The trade was a 165.62% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Laurent Fischer acquired 117,614 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The stock was bought at an average cost of $4.31 per share, with a total value of $506,916.34. Following the completion of the transaction, the chief executive officer directly owned 201,513 shares in the company, valued at $868,521.03. The trade was a 140.19% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders bought 178,699 shares of company stock worth $764,917 and sold 1,099,446 shares worth $4,605,740. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC purchased a new position in Adverum Biotechnologies during the third quarter valued at $58,000. Y Intercept Hong Kong Ltd purchased a new position in Adverum Biotechnologies in the 2nd quarter worth approximately $45,000. XTX Topco Ltd purchased a new stake in shares of Adverum Biotechnologies in the second quarter valued at approximately $64,000. Qube Research & Technologies Ltd purchased a new position in Adverum Biotechnologies during the second quarter worth approximately $66,000. Finally, Nuveen LLC acquired a new position in Adverum Biotechnologies during the first quarter worth $139,000. 48.17% of the stock is owned by institutional investors and hedge funds.

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.