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

StockNews.com cut shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a sell rating in a research report released on Tuesday.

ADVM has been the subject of a number of other research reports. HC Wainwright reissued a “buy” rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday. Royal Bank of Canada dropped their price target on Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research report on Tuesday, November 5th. Finally, Truist Financial cut their price target on Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

Adverum Biotechnologies Trading Down 8.8 %

Shares of ADVM opened at $6.25 on Tuesday. The firm has a fifty day moving average price of $7.48 and a 200-day moving average price of $7.56. The firm has a market capitalization of $130 million, a P/E ratio of -1.04 and a beta of 1.02. Adverum Biotechnologies has a 12-month low of $6.14 and a 12-month high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings data on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The business had revenue of $1.00 million for the quarter, compared to the consensus estimate of $0.50 million. Analysts predict that Adverum Biotechnologies will post -4.92 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets boosted its position in Adverum Biotechnologies by 177.0% during the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after purchasing an additional 2,649 shares in the last quarter. Captrust Financial Advisors purchased a new stake in shares of Adverum Biotechnologies during the third quarter valued at about $71,000. SG Americas Securities LLC bought a new stake in shares of Adverum Biotechnologies in the 3rd quarter valued at about $74,000. MetLife Investment Management LLC grew its position in shares of Adverum Biotechnologies by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock worth $88,000 after buying an additional 7,089 shares during the last quarter. Finally, Zacks Investment Management bought a new position in shares of Adverum Biotechnologies during the 3rd quarter worth approximately $89,000. 48.17% of the stock is owned by institutional investors.

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.