Adverum Biotechnologies (ADVM) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a buy rating in a research report sent to investors on Friday, Zacks.com reports. They currently have $9.00 price target on the biotechnology company’s stock.
According to Zacks, “Adverum Biotechnologies, Inc. is a gene therapy company. The Company discovers and develops novel medicines for patients living with rare diseases. Adverum Biotechnologies Inc, formerly known as Avalanche Biotechnologies Inc., is headquartered in Menlo Park, California. “
Several other research firms have also recently weighed in on ADVM. Cowen reissued a buy rating on shares of Adverum Biotechnologies in a research report on Thursday. ValuEngine raised Adverum Biotechnologies from a hold rating to a buy rating in a research report on Tuesday, April 23rd. Finally, BidaskClub raised Adverum Biotechnologies from a buy rating to a strong-buy rating in a research report on Thursday, March 21st. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $8.10.
Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Wednesday, May 8th. The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.04. Adverum Biotechnologies had a negative return on equity of 30.98% and a negative net margin of 4,505.40%. As a group, research analysts predict that Adverum Biotechnologies will post -1.12 earnings per share for the current fiscal year.
In other Adverum Biotechnologies news, Director James Paul Scopa acquired 20,000 shares of the business’s stock in a transaction on Monday, May 6th. The shares were acquired at an average price of $6.71 per share, with a total value of $134,200.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.00% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of ADVM. RTW Investments LP raised its stake in shares of Adverum Biotechnologies by 3,285.4% in the fourth quarter. RTW Investments LP now owns 6,256,840 shares of the biotechnology company’s stock valued at $19,709,000 after buying an additional 6,072,019 shares during the period. BlackRock Inc. raised its stake in shares of Adverum Biotechnologies by 20.4% in the fourth quarter. BlackRock Inc. now owns 4,443,970 shares of the biotechnology company’s stock valued at $14,000,000 after buying an additional 753,735 shares during the period. Renaissance Technologies LLC raised its stake in shares of 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. JPMorgan Chase & Co. raised its stake in shares of Adverum Biotechnologies by 12.7% in the first quarter. JPMorgan Chase & Co. now owns 3,297,793 shares of the biotechnology company’s stock valued at $17,281,000 after buying an additional 371,461 shares during the period. Finally, Vanguard Group Inc raised its stake in shares of Adverum Biotechnologies by 1.9% in the third quarter. Vanguard Group Inc now owns 2,246,018 shares of the biotechnology company’s stock valued at $13,589,000 after buying an additional 42,684 shares during the period. 59.75% of the stock is currently owned by institutional investors and hedge funds.
About Adverum Biotechnologies
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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