Adverum Biotechnologies (ADVM) Shares Down 7.9%
Adverum Biotechnologies Inc (NASDAQ:ADVM) shares dropped 7.9% during trading on Tuesday . The stock traded as low as $6.87 and last traded at $7.00. Approximately 813,993 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 969,586 shares. The stock had previously closed at $7.60.
ADVM has been the subject of several research reports. Piper Jaffray Companies initiated coverage on Adverum Biotechnologies in a research report on Friday, May 18th. They issued a “buy” rating and a $12.00 target price for the company. Zacks Investment Research upgraded Adverum Biotechnologies from a “hold” rating to a “buy” rating and set a $6.75 target price for the company in a research report on Monday, August 27th. ValuEngine lowered Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. BidaskClub downgraded Adverum Biotechnologies from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 12th. Finally, Chardan Capital reissued a “hold” rating and issued a $8.00 price target on shares of Adverum Biotechnologies in a report on Thursday, August 9th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $8.75.
The firm has a market capitalization of $476.48 million, a PE ratio of -5.81 and a beta of 3.77.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Metropolitan Life Insurance Co. NY bought a new stake in shares of Adverum Biotechnologies in the 2nd quarter worth approximately $106,000. Voya Investment Management LLC bought a new stake in shares of Adverum Biotechnologies in the 2nd quarter worth approximately $107,000. Creative Planning lifted its holdings in shares of Adverum Biotechnologies by 76.8% in the 2nd quarter. Creative Planning now owns 22,870 shares of the biotechnology company’s stock worth $121,000 after purchasing an additional 9,937 shares during the last quarter. MetLife Investment Advisors LLC bought a new stake in shares of Adverum Biotechnologies in the 2nd quarter worth approximately $150,000. Finally, Trexquant Investment LP bought a new stake in shares of Adverum Biotechnologies in the 1st quarter worth approximately $184,000. 58.69% of the stock is currently owned by institutional investors and hedge funds.
Adverum Biotechnologies Company Profile (NASDAQ:ADVM)
Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates that target serious rare and ocular diseases. It leverages its adeno-associated virus (AAV)-based directed evolution platform to develop products. The company's pipeline of product candidates include ADVM-043 to treat alpha-1 antitrypsin deficiency, which is in Phase I/II clinical trial; and ADVM-053 for hereditary angioedema disease, which is in preclinical stage; as well as ADVM-022 and ADVM-032 for wet age-related macular degeneration disease, which are in preclinical stage.
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