TCG Crossover Management LLC Cuts Position in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

TCG Crossover Management LLC decreased its holdings in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 10.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,796,482 shares of the biotechnology company’s stock after selling 211,857 shares during the period. TCG Crossover Management LLC owned 8.64% of Adverum Biotechnologies worth $8,390,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in ADVM. Dimensional Fund Advisors LP increased its position in Adverum Biotechnologies by 50.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company’s stock valued at $1,452,000 after buying an additional 104,262 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Adverum Biotechnologies by 128.5% during the fourth quarter. Marshall Wace LLP now owns 98,027 shares of the biotechnology company’s stock valued at $458,000 after acquiring an additional 55,130 shares in the last quarter. Barclays PLC boosted its stake in Adverum Biotechnologies by 11.3% in the 4th quarter. Barclays PLC now owns 39,887 shares of the biotechnology company’s stock worth $186,000 after purchasing an additional 4,055 shares in the last quarter. Renaissance Technologies LLC grew its position in Adverum Biotechnologies by 249.6% during the 4th quarter. Renaissance Technologies LLC now owns 129,605 shares of the biotechnology company’s stock valued at $605,000 after purchasing an additional 92,533 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in Adverum Biotechnologies by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock valued at $57,000 after purchasing an additional 2,659 shares in the last quarter. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

Adverum Biotechnologies Trading Down 1.0 %

Shares of ADVM opened at $2.88 on Tuesday. The firm has a fifty day simple moving average of $4.04 and a two-hundred day simple moving average of $5.16. The firm has a market cap of $60.17 million, a PE ratio of -0.48 and a beta of 1.10. Adverum Biotechnologies, Inc. has a 1-year low of $2.64 and a 1-year high of $10.98.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Tuesday, April 15th. The biotechnology company reported ($1.96) EPS for the quarter, missing analysts’ consensus estimates of ($1.34) by ($0.62). As a group, research analysts forecast that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current fiscal year.

Insider Transactions at Adverum Biotechnologies

In related news, major shareholder Braden Michael Leonard bought 30,600 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average cost of $5.61 per share, for a total transaction of $171,666.00. Following the completion of the transaction, the insider now owns 2,722,761 shares of the company’s stock, valued at approximately $15,274,689.21. This trade represents a 1.14 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have acquired 198,123 shares of company stock worth $863,040 in the last quarter. Company insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

ADVM has been the topic of several analyst reports. Chardan Capital dropped their target price on shares of Adverum Biotechnologies from $40.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. HC Wainwright reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Wednesday, April 16th. Finally, Royal Bank of Canada reduced their target price on Adverum Biotechnologies from $10.00 to $5.00 and set a “sector perform” rating for the company in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, Adverum Biotechnologies currently has an average rating of “Moderate Buy” and an average price target of $25.83.

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.