Adverum Biotechnologies, Inc. (NASDAQ:ADVM) COO Peter Soparkar Sells 13,360 Shares of Stock

Adverum Biotechnologies, Inc. (NASDAQ:ADVM – Get Rating) COO Peter Soparkar sold 13,360 shares of the company’s stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $0.78, for a total value of $10,420.80. Following the completion of the sale, the chief operating officer now owns 265,891 shares of the company’s stock, valued at $207,394.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Adverum Biotechnologies Stock Down 11.4 %

Shares of NASDAQ ADVM traded down $0.10 during mid-day trading on Friday, reaching $0.75. 812,112 shares of the company were exchanged, compared to its average volume of 379,374. The stock has a market cap of $74.90 million, a price-to-earnings ratio of -0.48 and a beta of 0.77. Adverum Biotechnologies, Inc. has a 1 year low of $0.53 and a 1 year high of $1.82. The firm has a 50-day moving average of $0.70 and a 200 day moving average of $0.78.

Institutional Investors Weigh In On Adverum Biotechnologies

A number of hedge funds have recently made changes to their positions in the stock. BML Capital Management LLC purchased a new stake in shares of Adverum Biotechnologies during the 4th quarter worth $4,095,000. Bank of America Corp DE raised its stake in Adverum Biotechnologies by 55,529.7% in the fourth quarter. Bank of America Corp DE now owns 5,591,896 shares of the biotechnology company’s stock valued at $3,238,000 after buying an additional 5,581,844 shares during the last quarter. Sonic GP LLC purchased a new stake in Adverum Biotechnologies in the fourth quarter valued at about $2,638,000. Renaissance Technologies LLC raised its stake in Adverum Biotechnologies by 2.3% in the third quarter. Renaissance Technologies LLC now owns 1,118,441 shares of the biotechnology company’s stock valued at $1,063,000 after buying an additional 25,400 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in Adverum Biotechnologies in the second quarter valued at about $1,246,000. 63.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on ADVM. StockNews.com began coverage on Adverum Biotechnologies in a report on Thursday. They issued a “sell” rating for the company. LADENBURG THALM/SH SH began coverage on Adverum Biotechnologies in a research note on Tuesday, March 7th. They set a “buy” rating and a $2.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2.75.

Adverum Biotechnologies Company Profile

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Adverum Biotechnologies, Inc is a clinical-stage gene therapy company that engages in the development of gene therapies for ocular and rare diseases. The company was founded by Mark S. Blumenkranz, Thomas W. Chalberg, Jr., Mitchell H. Finer, and Steven Daniel Schwartz on July 17, 2006 and is headquartered in Redwood City, CA.