Adverum Biotechnologies' (ADVM) "Sell (D-)" Rating Reiterated at Weiss Ratings

Key Points

• Adverum Biotechnologies' stock received a "sell (D-)" rating from Weiss Ratings, reaffirming a negative outlook on the company.
• The stock is currently trading around $4.81, with a market capitalization of approximately $100.87 million and a recent earnings miss of ($2.34) EPS.
• Despite the negative rating from Weiss, some analysts, including Chardan Capital and HC Wainwright, have assigned buy ratings with price targets up to $33.00, indicating mixed sentiments among analysts.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by equities research analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

A number of other equities research analysts have also issued reports on the stock. Chardan Capital reaffirmed a "buy" rating and set a $33.00 price objective on shares of Adverum Biotechnologies in a report on Wednesday, August 13th. Mizuho cut their price objective on shares of Adverum Biotechnologies from $16.00 to $12.00 and set an "outperform" rating for the company in a report on Thursday, June 26th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, September 23rd. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $19.75.

Adverum Biotechnologies Trading Down 2.7%

NASDAQ ADVM traded down $0.13 on Wednesday, reaching $4.81. 99,197 shares of the stock were exchanged, compared to its average volume of 286,417. Adverum Biotechnologies has a one year low of $1.78 and a one year high of $8.56. The firm has a market capitalization of $100.87 million, a PE ratio of -0.61 and a beta of 0.98. The company's 50-day simple moving average is $3.32 and its two-hundred day simple moving average is $3.04.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The biotechnology company reported ($2.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($2.24) by ($0.10). Sell-side analysts forecast that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Institutional Trading of Adverum Biotechnologies

Large investors have recently made changes to their positions in the stock. BML Capital Management LLC raised its holdings in Adverum Biotechnologies by 20.9% in the first quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company's stock worth $11,984,000 after purchasing an additional 474,253 shares in the last quarter. Grant GrossMendelsohn LLC raised its holdings in Adverum Biotechnologies by 90.3% in the first quarter. Grant GrossMendelsohn LLC now owns 160,157 shares of the biotechnology company's stock worth $700,000 after purchasing an additional 75,984 shares in the last quarter. Jane Street Group LLC bought a new position in Adverum Biotechnologies in the second quarter worth about $153,000. Pale Fire Capital SE raised its holdings in Adverum Biotechnologies by 16.9% in the first quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company's stock worth $1,609,000 after purchasing an additional 53,113 shares in the last quarter. Finally, Invesco Ltd. bought a new position in Adverum Biotechnologies in the first quarter worth about $218,000. 48.17% of the stock is owned by hedge funds and other institutional investors.

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.

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