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

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

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

Adverum Biotechnologies Stock Performance

Shares of ADVM stock opened at $9.79 on Wednesday. Adverum Biotechnologies has a 1 year low of $7.21 and a 1 year high of $29.70. The stock has a market cap of $203.14 million, a PE ratio of -0.84 and a beta of 0.84. The business’s fifty day moving average is $14.78 and its 200-day moving average is $12.05.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Monday, March 18th. The biotechnology company reported ($2.30) earnings per share (EPS) for the quarter, beating 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 year.

Insider Transactions at Adverum Biotechnologies

In other news, Director James Paul Scopa acquired 10,000 shares of Adverum Biotechnologies stock in a transaction that occurred on Wednesday, February 7th. The stock was purchased at an average price of $13.50 per share, with a total value of $135,000.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at $135,000. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 5.30% of the stock is currently owned by insiders.

Institutional Trading of Adverum Biotechnologies

Institutional investors have recently bought and sold shares of the company. Apexium Financial LP acquired a new stake in Adverum Biotechnologies during the fourth quarter valued at $45,000. Monaco Asset Management SAM raised its holdings in Adverum Biotechnologies by 33.8% during 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. Twin Focus Capital Partners LLC bought a new position in Adverum Biotechnologies during the fourth quarter valued at about $75,000. Assenagon Asset Management S.A. bought a new position in Adverum Biotechnologies during the first quarter valued at about $5,072,000. Finally, Citigroup Inc. bought a new position in Adverum Biotechnologies during the third quarter valued at about $715,000. 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.