Adverum Biotechnologies (NASDAQ:ADVM) Receives Sell (D-) Rating from Weiss Ratings

Key Points

• Adverum Biotechnologies has received a persistent sell (D-) rating from Weiss Ratings, while other analysts maintain a mixed view with three rated as "buy" and one as "hold".
• The company's shares recently traded at $4.31, with a market capitalization of $90.34 million and significant trading volume of 11,537,171 shares on the last trading day.
• Adverum reported a quarterly earnings per share (EPS) of ($2.34), missing the consensus estimate, as analysts anticipate a yearly EPS of ($4.92).

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

A number of other analysts have also issued reports on the stock. HC Wainwright reiterated a "buy" rating and set a $30.00 price target on shares of Adverum Biotechnologies in a research note on Tuesday, September 23rd. Mizuho cut their target price on shares of Adverum Biotechnologies from $16.00 to $12.00 and set an "outperform" rating on the stock in a research note on Thursday, June 26th. Royal Bank Of Canada raised Adverum Biotechnologies to a "hold" rating in a report on Thursday, October 9th. Finally, Chardan Capital reaffirmed a "buy" rating and issued a $33.00 price target on shares of Adverum Biotechnologies in a report on Wednesday, August 13th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $19.75.

Adverum Biotechnologies Price Performance

NASDAQ ADVM traded up $0.13 on Friday, hitting $4.31. The company had a trading volume of 11,537,171 shares, compared to its average volume of 336,208. The company has a market capitalization of $90.34 million, a PE ratio of -0.55 and a beta of 0.98. The company's fifty day moving average price is $3.82 and its 200-day moving average price is $3.05. Adverum Biotechnologies has a 12-month low of $1.78 and a 12-month high of $8.21.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last announced its earnings results on Tuesday, August 12th. The biotechnology company reported ($2.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.24) by ($0.10). On average, sell-side analysts anticipate that Adverum Biotechnologies will post -4.92 EPS for the current year.

Institutional Investors Weigh In On Adverum Biotechnologies

Several large investors have recently modified their holdings of the company. BML Capital Management LLC raised its position in Adverum Biotechnologies by 11.5% in the second quarter. BML Capital Management LLC now owns 3,057,526 shares of the biotechnology company's stock worth $6,574,000 after acquiring an additional 315,209 shares in the last quarter. Pale Fire Capital SE increased its position in shares of Adverum Biotechnologies by 16.9% in the first quarter. Pale Fire Capital SE now owns 368,267 shares of the biotechnology company's stock valued at $1,609,000 after buying an additional 53,113 shares in the last quarter. Grant GrossMendelsohn LLC increased its position in shares of Adverum Biotechnologies by 90.3% in the first quarter. Grant GrossMendelsohn LLC now owns 160,157 shares of the biotechnology company's stock valued at $700,000 after buying an additional 75,984 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Adverum Biotechnologies in the second quarter valued at $153,000. Finally, Invesco Ltd. acquired a new position in Adverum Biotechnologies in the 1st quarter valued at about $218,000. 48.17% of the stock is owned by institutional investors and hedge funds.

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.

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