Adverum Biotechnologies (NASDAQ:ADVM) Upgraded to “Buy” by BidaskClub

Adverum Biotechnologies (NASDAQ:ADVM) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Tuesday, BidAskClub reports.

Several other equities analysts have also recently issued reports on the company. Chardan Capital boosted their price target on Adverum Biotechnologies from $6.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. ValuEngine upgraded Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Cantor Fitzgerald restated a “neutral” rating and issued a $8.00 price target (up previously from $3.00) on shares of Adverum Biotechnologies in a research report on Tuesday, September 17th. SunTrust Banks lowered their price objective on Adverum Biotechnologies from $12.00 to $8.00 and set a “hold” rating on the stock in a report on Friday, September 13th. Finally, Zacks Investment Research lowered Adverum Biotechnologies from a “buy” rating to a “hold” rating in a report on Thursday, October 24th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $9.20.

ADVM stock traded down $0.15 during trading on Tuesday, hitting $9.00. The company had a trading volume of 47,839 shares, compared to its average volume of 1,282,141. The firm has a market cap of $562.89 million, a PE ratio of -7.47 and a beta of 2.54. Adverum Biotechnologies has a 1-year low of $2.81 and a 1-year high of $16.38. The firm has a 50-day moving average price of $6.60 and a 200-day moving average price of $9.62. The company has a quick ratio of 9.44, a current ratio of 9.44 and a debt-to-equity ratio of 0.14.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.25) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.02. The company had revenue of $0.25 million during the quarter, compared to analyst estimates of $0.48 million. Sell-side analysts anticipate that Adverum Biotechnologies will post -1.03 earnings per share for the current year.

Several large investors have recently made changes to their positions in the company. Renaissance Technologies LLC lifted its stake in Adverum Biotechnologies by 1.7% in the 2nd quarter. Renaissance Technologies LLC now owns 3,857,500 shares of the biotechnology company’s stock valued at $45,866,000 after buying an additional 63,200 shares in the last quarter. UBS Group AG lifted its stake in Adverum Biotechnologies by 52.1% in the 2nd quarter. UBS Group AG now owns 3,138,539 shares of the biotechnology company’s stock valued at $37,317,000 after buying an additional 1,074,535 shares in the last quarter. Vanguard Group Inc. lifted its stake in Adverum Biotechnologies by 19.2% in the 2nd quarter. Vanguard Group Inc. now owns 2,524,477 shares of the biotechnology company’s stock valued at $30,016,000 after buying an additional 406,963 shares in the last quarter. Orbimed Advisors LLC lifted its stake in Adverum Biotechnologies by 57.7% in the 2nd quarter. Orbimed Advisors LLC now owns 1,960,200 shares of the biotechnology company’s stock valued at $23,307,000 after buying an additional 717,000 shares in the last quarter. Finally, Primecap Management Co. CA lifted its stake in Adverum Biotechnologies by 2.9% in the 2nd quarter. Primecap Management Co. CA now owns 1,082,000 shares of the biotechnology company’s stock valued at $12,865,000 after buying an additional 30,000 shares in the last quarter. 72.06% 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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Analyst Recommendations for Adverum Biotechnologies (NASDAQ:ADVM)

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