Adverum Biotechnologies (NASDAQ:ADVM) Rating Lowered to Buy at BidaskClub

BidaskClub lowered shares of Adverum Biotechnologies (NASDAQ:ADVM) from a strong-buy rating to a buy rating in a research note issued to investors on Tuesday morning, BidAskClub reports.

Several other analysts have also recently commented on the stock. ValuEngine upgraded shares of Adverum Biotechnologies from a buy rating to a strong-buy rating in a research report on Saturday, May 18th. Piper Jaffray Companies upped their target price on shares of Adverum Biotechnologies from $8.00 to $12.00 and gave the company an overweight rating in a research report on Friday, May 17th. Zacks Investment Research upgraded shares of Adverum Biotechnologies from a hold rating to a buy rating and set a $9.00 target price for the company in a research report on Friday, May 17th. Finally, Cowen restated a buy rating on shares of Adverum Biotechnologies in a research report on Thursday, May 16th. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Buy and an average price target of $8.10.

Shares of Adverum Biotechnologies stock opened at $11.41 on Tuesday. The firm has a market cap of $699.05 million, a price-to-earnings ratio of -9.67 and a beta of 2.39. Adverum Biotechnologies has a 52 week low of $2.62 and a 52 week high of $11.46. The company has a debt-to-equity ratio of 0.12, a current ratio of 18.20 and a quick ratio of 18.20.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its earnings results on Wednesday, May 8th. The biotechnology company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.04. Adverum Biotechnologies had a negative net margin of 4,505.40% and a negative return on equity of 30.98%. As a group, sell-side analysts forecast that Adverum Biotechnologies will post -1.07 EPS for the current year.

In other news, Director James Paul Scopa acquired 20,000 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was acquired at an average price of $6.71 per share, for a total transaction of $134,200.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 5.00% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MetLife Investment Advisors LLC acquired a new position in shares of Adverum Biotechnologies during the first quarter worth $150,000. Metropolitan Life Insurance Co NY acquired a new position in shares of Adverum Biotechnologies during the first quarter worth $108,000. Geode Capital Management LLC lifted its holdings in Adverum Biotechnologies by 13.5% in the first quarter. Geode Capital Management LLC now owns 792,621 shares of the biotechnology company’s stock valued at $4,153,000 after buying an additional 94,021 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Adverum Biotechnologies by 11.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 126,132 shares of the biotechnology company’s stock valued at $661,000 after buying an additional 12,455 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Adverum Biotechnologies by 2.1% in the first quarter. Renaissance Technologies LLC now owns 3,794,300 shares of the biotechnology company’s stock valued at $19,882,000 after buying an additional 76,533 shares during the period. Institutional investors and hedge funds own 61.31% of the company’s stock.

Adverum Biotechnologies Company Profile

Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.

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Analyst Recommendations for Adverum Biotechnologies (NASDAQ:ADVM)

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