Adverum Biotechnologies (NASDAQ:ADVM) Trading Down 6.9%
Adverum Biotechnologies Inc (NASDAQ:ADVM) shares were down 6.9% during mid-day trading on Tuesday . The company traded as low as $11.56 and last traded at $11.59, approximately 1,798,221 shares were traded during mid-day trading. An increase of 141% from the average daily volume of 745,518 shares. The stock had previously closed at $12.45.
Several equities analysts have commented on ADVM shares. Piper Jaffray Companies increased their target price on 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 cut Adverum Biotechnologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 30th. ValuEngine upgraded shares of Adverum Biotechnologies from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 18th. Raymond James began coverage on shares of Adverum Biotechnologies in a research report on Thursday, June 13th. They set a “market perform” rating on the stock. Finally, BidaskClub downgraded shares of Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. Six research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Adverum Biotechnologies has an average rating of “Hold” and an average price target of $11.20.
The firm has a market capitalization of $781.25 million, a price-to-earnings ratio of -9.82 and a beta of 2.50. The stock has a fifty day moving average of $11.98 and a two-hundred day moving average of $9.19. The company has a debt-to-equity ratio of 0.12, a current ratio of 17.79 and a quick ratio of 17.79.
Hedge funds have recently modified their holdings of the company. Bank of Montreal Can acquired a new position in shares of Adverum Biotechnologies in the second quarter worth approximately $54,000. SG Americas Securities LLC acquired a new stake in Adverum Biotechnologies during the 1st quarter valued at approximately $60,000. BNP Paribas Arbitrage SA raised its holdings in Adverum Biotechnologies by 94.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 16,504 shares of the biotechnology company’s stock worth $86,000 after purchasing an additional 8,038 shares during the last quarter. Metropolitan Life Insurance Co NY bought a new position in Adverum Biotechnologies during the 1st quarter worth approximately $108,000. Finally, Meeder Asset Management Inc. raised its holdings in Adverum Biotechnologies by 372.1% during the 2nd quarter. Meeder Asset Management Inc. now owns 10,694 shares of the biotechnology company’s stock worth $127,000 after purchasing an additional 8,429 shares during the last quarter. 71.79% of the stock is owned by institutional investors.
About Adverum Biotechnologies (NASDAQ:ADVM)
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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