StockNews.com Downgrades Adverum Biotechnologies (NASDAQ:ADVM) to Sell

Adverum Biotechnologies (NASDAQ:ADVM) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Tuesday.

ADVM has been the subject of a number of other research reports. HC Wainwright reiterated a “buy” rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday. Truist Financial reduced their price target on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Finally, Royal Bank of Canada lowered their target price on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.83.

Adverum Biotechnologies Stock Down 8.8 %

ADVM traded down $0.60 during trading hours on Tuesday, reaching $6.25. 621,208 shares of the company’s stock traded hands, compared to its average volume of 277,533. The firm has a 50-day moving average price of $7.48 and a 200 day moving average price of $7.56. The firm has a market capitalization of $130 million, a PE ratio of -1.04 and a beta of 1.02. Adverum Biotechnologies has a 52-week low of $6.14 and a 52-week high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The business had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. Equities analysts predict that Adverum Biotechnologies will post -4.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its holdings in Adverum Biotechnologies by 177.0% in the third quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 2,649 shares in the last quarter. Captrust Financial Advisors purchased a new stake in shares of Adverum Biotechnologies during the 3rd quarter valued at about $71,000. SG Americas Securities LLC acquired a new position in shares of Adverum Biotechnologies during the third quarter worth $74,000. MetLife Investment Management LLC grew its stake in shares of Adverum Biotechnologies by 129.1% during the third quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company’s stock valued at $88,000 after acquiring an additional 7,089 shares in the last quarter. Finally, Zacks Investment Management purchased a new position in shares of Adverum Biotechnologies during the 3rd quarter valued at approximately $89,000. Institutional investors and hedge funds own 48.17% of the company’s stock.

Adverum Biotechnologies Company Profile

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.