Vanguard Group Inc. Sells 3,281,883 Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Vanguard Group Inc. decreased its holdings in Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 78.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 907,151 shares of the biotechnology company’s stock after selling 3,281,883 shares during the quarter. Vanguard Group Inc. owned 4.37% of Adverum Biotechnologies worth $12,827,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. BML Capital Management LLC raised its stake in shares of Adverum Biotechnologies by 16.3% in the fourth quarter. BML Capital Management LLC now owns 4,554,252 shares of the biotechnology company’s stock worth $3,428,000 after purchasing an additional 639,252 shares during the last quarter. Monaco Asset Management SAM lifted its stake in Adverum Biotechnologies by 33.8% during the 4th quarter. Monaco Asset Management SAM now owns 79,234 shares of the biotechnology company’s stock valued at $60,000 after acquiring an additional 20,000 shares in the last quarter. Apexium Financial LP purchased a new position in Adverum Biotechnologies during the 4th quarter worth $45,000. Worth Venture Partners LLC grew its stake in shares of Adverum Biotechnologies by 136.5% in the 4th quarter. Worth Venture Partners LLC now owns 784,346 shares of the biotechnology company’s stock worth $590,000 after acquiring an additional 452,678 shares in the last quarter. Finally, AIGH Capital Management LLC raised its holdings in shares of Adverum Biotechnologies by 139.6% in the fourth quarter. AIGH Capital Management LLC now owns 3,172,819 shares of the biotechnology company’s stock valued at $2,388,000 after purchasing an additional 1,848,834 shares during the last quarter. Institutional investors and hedge funds own 48.17% of the company’s stock.

Insider Activity

In other Adverum Biotechnologies news, major shareholder Braden Michael Leonard acquired 85,800 shares of Adverum Biotechnologies stock in a transaction that occurred on Tuesday, July 30th. The stock was acquired at an average cost of $7.15 per share, for a total transaction of $613,470.00. Following the purchase, the insider now owns 2,268,064 shares of the company’s stock, valued at $16,216,657.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.20% of the company’s stock.

Adverum Biotechnologies Price Performance

Shares of ADVM opened at $6.76 on Wednesday. Adverum Biotechnologies, Inc. has a 1 year low of $6.38 and a 1 year high of $29.70. The stock’s fifty day moving average price is $7.40 and its two-hundred day moving average price is $11.60. The firm has a market cap of $140.32 million, a PE ratio of -0.66 and a beta of 1.07.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its quarterly earnings data on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.47) by $0.58. Sell-side analysts anticipate that Adverum Biotechnologies, Inc. will post -5.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on ADVM shares. Royal Bank of Canada cut their price target on shares of Adverum Biotechnologies from $15.00 to $12.00 and set a “sector perform” rating on the stock in a report on Tuesday. Mizuho decreased their price target on Adverum Biotechnologies from $40.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 29th. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday. Oppenheimer assumed coverage on Adverum Biotechnologies in a research note on Tuesday, June 25th. They issued an “outperform” rating and a $25.00 price objective for the company. Finally, StockNews.com cut Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.50.

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.