Bank of New York Mellon Corp Decreases Position in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)
Bank of New York Mellon Corp reduced its stake in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 0.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 72,277 shares of the biotechnology company’s stock after selling 287 shares during the period. Bank of New York Mellon Corp’s holdings in Adverum Biotechnologies were worth $196,000 as of its most recent filing with the SEC.
Separately, Norges Bank bought a new stake in Adverum Biotechnologies during the fourth quarter valued at approximately $485,000. 32.35% of the stock is owned by institutional investors and hedge funds.
Shares of Adverum Biotechnologies, Inc. (ADVM) opened at 2.50 on Thursday. Adverum Biotechnologies, Inc. has a 52-week low of $2.45 and a 52-week high of $4.79. The company has a 50-day moving average of $2.60 and a 200 day moving average of $2.72. The company’s market capitalization is $107.17 million.
Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Tuesday, May 9th. The biotechnology company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by $0.12. The company had revenue of $0.46 million during the quarter. Adverum Biotechnologies had a negative return on equity of 24.04% and a negative net margin of 6,928.21%. Analysts predict that Adverum Biotechnologies, Inc. will post ($1.30) earnings per share for the current year.
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ADVM has been the topic of several research reports. Zacks Investment Research raised shares of Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Monday, July 17th. ValuEngine cut shares of Adverum Biotechnologies from a “sell” rating to a “strong sell” rating in a research report on Friday, June 2nd.
About Adverum Biotechnologies
Adverum Biotechnologies, Inc, formerly Avalanche Biotechnologies, Inc, is a gene therapy company. The Company is engaged in discovering and developing medicines to patients suffering from chronic or debilitating disease. The Company operates and manages its business in the segment of developing and commercializing gene therapeutics.
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