Laurent Fischer Sells 9,126 Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM) CEO Laurent Fischer sold 9,126 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $2.00, for a total transaction of $18,252.00. Following the transaction, the chief executive officer now owns 87,488 shares in the company, valued at approximately $174,976. This trade represents a 9.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Adverum Biotechnologies Trading Up 3.4%

Shares of NASDAQ:ADVM opened at $2.12 on Friday. Adverum Biotechnologies, Inc. has a twelve month low of $1.78 and a twelve month high of $10.14. The company’s 50 day moving average is $3.64 and its 200 day moving average is $4.68. The company has a market cap of $44.29 million, a PE ratio of -0.35 and a beta of 1.03.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share for the quarter, missing the consensus estimate of ($1.34) by ($0.62). Equities research analysts predict that Adverum Biotechnologies, Inc. will post -4.92 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ADVM has been the topic of several recent analyst reports. HC Wainwright restated a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a report on Thursday. Chardan Capital restated a “buy” rating and set a $33.00 price objective on shares of Adverum Biotechnologies in a report on Thursday. Finally, Royal Bank of Canada cut their price objective on shares of Adverum Biotechnologies from $5.00 to $4.00 and set a “sector perform” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $26.40.

Institutional Investors Weigh In On Adverum Biotechnologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN grew its stake in shares of Adverum Biotechnologies by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company’s stock worth $57,000 after purchasing an additional 2,659 shares during the period. American Century Companies Inc. grew its stake in shares of Adverum Biotechnologies by 36.6% during the 4th quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 4,362 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Adverum Biotechnologies by 226.6% during the 4th quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company’s stock worth $143,000 after purchasing an additional 21,274 shares during the period. Nuveen LLC acquired a new stake in shares of Adverum Biotechnologies during the 1st quarter worth approximately $139,000. Finally, Corton Capital Inc. acquired a new stake in shares of Adverum Biotechnologies during the 4th quarter worth approximately $153,000. Institutional investors and hedge funds own 48.17% of the company’s stock.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with wet age-related macular degeneration and diabetic macular edema which is in phase 2 clinical trials.