Renaissance Technologies LLC Acquires 92,533 Shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Renaissance Technologies LLC grew its holdings in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Free Report) by 249.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 129,605 shares of the biotechnology company's stock after acquiring an additional 92,533 shares during the quarter. Renaissance Technologies LLC owned 0.62% of Adverum Biotechnologies worth $605,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of Adverum Biotechnologies by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 442,490 shares of the biotechnology company's stock valued at $2,067,000 after acquiring an additional 3,434 shares during the last quarter. Regeneron Pharmaceuticals Inc. acquired a new position in Adverum Biotechnologies in the fourth quarter valued at $845,000. Trexquant Investment LP boosted its position in Adverum Biotechnologies by 167.9% during the fourth quarter. Trexquant Investment LP now owns 95,997 shares of the biotechnology company's stock valued at $448,000 after acquiring an additional 60,163 shares during the last quarter. Grant GrossMendelsohn LLC raised its position in shares of Adverum Biotechnologies by 118.0% in the 4th quarter. Grant GrossMendelsohn LLC now owns 84,173 shares of the biotechnology company's stock worth $393,000 after acquiring an additional 45,553 shares in the last quarter. Finally, Barclays PLC raised its position in shares of Adverum Biotechnologies by 125.8% in the 3rd quarter. Barclays PLC now owns 35,832 shares of the biotechnology company's stock worth $252,000 after acquiring an additional 19,965 shares in the last quarter. Institutional investors own 48.17% of the company's stock.

Adverum Biotechnologies Trading Up 2.3 %

Shares of ADVM traded up $0.07 during trading hours on Thursday, reaching $3.07. The stock had a trading volume of 71,932 shares, compared to its average volume of 266,790. The company has a market capitalization of $64.14 million, a price-to-earnings ratio of -0.51 and a beta of 1.03. The firm has a 50-day simple moving average of $3.92 and a 200 day simple moving average of $4.97. Adverum Biotechnologies, Inc. has a 12 month low of $2.64 and a 12 month high of $10.76.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last issued its quarterly earnings data on Tuesday, April 15th. The biotechnology company reported ($1.96) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.34) by ($0.62). On average, equities analysts forecast that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on ADVM. Chardan Capital lowered their target price on Adverum Biotechnologies from $40.00 to $33.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Royal Bank of Canada dropped their target price on shares of Adverum Biotechnologies from $10.00 to $5.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 16th. Finally, HC Wainwright restated a "buy" rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $26.60.

Insider Buying and Selling at Adverum Biotechnologies

In related news, major shareholder Braden Michael Leonard bought 30,600 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average cost of $5.61 per share, for a total transaction of $171,666.00. Following the completion of the transaction, the insider now owns 2,722,761 shares of the company's stock, valued at approximately $15,274,689.21. The trade was a 1.14 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have purchased 198,123 shares of company stock worth $863,040. Corporate insiders own 4.20% of the company's stock.

About Adverum Biotechnologies

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.