Adverum Biotechnologies (NASDAQ:ADVM) Earns Sell Rating from Analysts at StockNews.com

StockNews.com started coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM – Get Rating) in a research report released on Thursday. The firm issued a sell rating on the biotechnology company’s stock.

Separately, LADENBURG THALM/SH SH initiated coverage on shares of Adverum Biotechnologies in a research note on Tuesday, March 7th. They set a buy rating and a $2.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $2.75.

Adverum Biotechnologies Trading Down 11.4 %

Shares of ADVM opened at $0.75 on Thursday. The firm has a market cap of $74.90 million, a P/E ratio of -0.48 and a beta of 0.77. Adverum Biotechnologies has a 12-month low of $0.53 and a 12-month high of $1.82. The company’s 50-day moving average price is $0.70 and its 200 day moving average price is $0.78.

Insider Transactions at Adverum Biotechnologies

In related news, CEO Laurent Fischer sold 41,239 shares of the company’s stock in a transaction that occurred on Wednesday, March 15th. The stock was sold at an average price of $0.78, for a total value of $32,166.42. Following the completion of the transaction, the chief executive officer now directly owns 692,141 shares of the company’s stock, valued at $539,869.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders sold 61,898 shares of company stock valued at $48,280. 3.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adverum Biotechnologies

Several large investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of Adverum Biotechnologies by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 772,152 shares of the biotechnology company’s stock valued at $447,000 after acquiring an additional 16,563 shares during the period. Mirabella Financial Services LLP purchased a new stake in shares of Adverum Biotechnologies during the first quarter worth approximately $32,000. Marquette Asset Management LLC raised its stake in shares of Adverum Biotechnologies by 25.3% during the fourth quarter. Marquette Asset Management LLC now owns 121,393 shares of the biotechnology company’s stock worth $70,000 after purchasing an additional 24,483 shares during the last quarter. Rafferty Asset Management LLC raised its stake in shares of Adverum Biotechnologies by 55.9% during the second quarter. Rafferty Asset Management LLC now owns 69,954 shares of the biotechnology company’s stock worth $84,000 after purchasing an additional 25,076 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Adverum Biotechnologies by 2.3% during the third quarter. Renaissance Technologies LLC now owns 1,118,441 shares of the biotechnology company’s stock worth $1,063,000 after purchasing an additional 25,400 shares during the last quarter. 63.68% of the stock is owned by institutional investors and hedge funds.

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.