BML Capital Management LLC increased its stake in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Free Report) by 20.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,742,317 shares of the biotechnology company's stock after acquiring an additional 474,253 shares during the quarter. Adverum Biotechnologies makes up about 9.2% of BML Capital Management LLC's portfolio, making the stock its 4th largest position. BML Capital Management LLC owned approximately 13.13% of Adverum Biotechnologies worth $11,984,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Wells Fargo & Company MN lifted its position in shares of Adverum Biotechnologies by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company's stock valued at $57,000 after purchasing an additional 2,659 shares in the last quarter. Geode Capital Management LLC lifted its position 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 purchasing an additional 3,434 shares in the last quarter. Barclays PLC lifted its position in shares of Adverum Biotechnologies by 11.3% during the fourth quarter. Barclays PLC now owns 39,887 shares of the biotechnology company's stock valued at $186,000 after purchasing an additional 4,055 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Adverum Biotechnologies by 36.6% during the fourth quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company's stock valued at $76,000 after purchasing an additional 4,362 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Adverum Biotechnologies by 16.3% during the fourth quarter. Bank of America Corp DE now owns 43,576 shares of the biotechnology company's stock valued at $204,000 after purchasing an additional 6,094 shares in the last quarter. 48.17% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on the stock. Chardan Capital reissued a "buy" rating and set a $33.00 price target on shares of Adverum Biotechnologies in a research report on Thursday, May 15th. Royal Bank Of Canada decreased their price objective on shares of Adverum Biotechnologies from $5.00 to $4.00 and set a "sector perform" rating for the company in a report on Thursday, May 15th. Mizuho decreased 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 restated a "buy" rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a report on Thursday, May 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.80.
Check Out Our Latest Stock Analysis on Adverum Biotechnologies
Adverum Biotechnologies Stock Down 6.8%
NASDAQ:ADVM traded down $0.18 during mid-day trading on Tuesday, hitting $2.47. 55,901 shares of the stock traded hands, compared to its average volume of 262,878. The business's 50-day moving average price is $2.48 and its 200 day moving average price is $3.43. The company has a market cap of $51.60 million, a PE ratio of -0.39 and a beta of 0.70. Adverum Biotechnologies, Inc. has a 12-month low of $1.78 and a 12-month high of $8.56.
About Adverum Biotechnologies
(
Free Report)
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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