Adverum Biotechnologies (NASDAQ:ADVM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage presently has a $7.25 price objective on the biotechnology company’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.40% from the company’s previous close.
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. “
A number of other research firms have also weighed in on ADVM. BidaskClub lowered shares of Adverum Biotechnologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 10th. Piper Jaffray Companies assumed coverage on shares of Adverum Biotechnologies in a research report on Thursday, February 15th. They issued an “overweight” rating and a $12.00 price target for the company. ValuEngine upgraded shares of Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a research report on Thursday, January 25th. Finally, Chardan Capital reiterated a “hold” rating on shares of Adverum Biotechnologies in a research report on Tuesday, December 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. Adverum Biotechnologies has a consensus rating of “Buy” and an average price target of $7.19.
Adverum Biotechnologies (NASDAQ ADVM) traded up $0.05 on Friday, hitting $6.45. 646,381 shares of the company’s stock were exchanged, compared to its average volume of 1,600,159. The company has a market capitalization of $345.88, a price-to-earnings ratio of -4.96 and a beta of 3.63. Adverum Biotechnologies has a fifty-two week low of $2.40 and a fifty-two week high of $8.59.
Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings results on Tuesday, March 6th. The biotechnology company reported ($0.32) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.35) by $0.03. The business had revenue of $0.46 million during the quarter. Adverum Biotechnologies had a negative net margin of 3,036.61% and a negative return on equity of 29.61%. analysts forecast that Adverum Biotechnologies will post -1.31 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the business. Sabby Management LLC purchased a new position in shares of Adverum Biotechnologies in the fourth quarter worth $1,050,000. Iguana Healthcare Management LLC purchased a new position in shares of Adverum Biotechnologies in the fourth quarter worth $700,000. Raymond James & Associates purchased a new position in shares of Adverum Biotechnologies in the fourth quarter worth $172,000. Ardsley Advisory Partners purchased a new position in shares of Adverum Biotechnologies in the fourth quarter worth $350,000. Finally, Two Sigma Investments LP lifted its holdings in shares of Adverum Biotechnologies by 350.5% in the fourth quarter. Two Sigma Investments LP now owns 337,956 shares of the biotechnology company’s stock worth $1,183,000 after buying an additional 262,944 shares in the last quarter. Institutional investors and hedge funds own 36.69% of the company’s stock.
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About Adverum Biotechnologies
Adverum Biotechnologies, Inc is a clinical-stage gene therapy company targeting unmet medical needs in serious rare and ocular diseases. Adverum has a robust pipeline that includes product candidates designed to treat rare diseases alpha-1 antitrypsin (A1AT) deficiency and hereditary angioedema (HAE) as well as wet age-related macular degeneration (wAMD).
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