Trexquant Investment LP Sells 77,303 Shares of Adverum Biotechnologies, Inc. $ADVM

Key Points

• Trexquant Investment LP significantly reduced its stake in Adverum Biotechnologies, selling 77,303 shares and reducing its position by 80.5% in the first quarter.
• Despite Trexquant's reduction, other investors like Pale Fire Capital SE and BML Capital Management LLC increased their stakes in Adverum, indicating continued interest from institutional investors.
• Adverum Biotechnologies recently reported an EPS of ($2.34), missing estimates, and analysts have varying price targets for the stock ranging from $4.00 to $30.00.

Trexquant Investment LP cut its position in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Free Report) by 80.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,694 shares of the biotechnology company's stock after selling 77,303 shares during the period. Trexquant Investment LP owned approximately 0.09% of Adverum Biotechnologies worth $82,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pale Fire Capital SE boosted its stake in Adverum Biotechnologies by 16.9% during 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 during the last quarter. Nuveen LLC bought a new stake in shares of Adverum Biotechnologies during the 1st quarter worth approximately $139,000. Invesco Ltd. bought a new stake in shares of Adverum Biotechnologies during the 1st quarter worth approximately $218,000. BML Capital Management LLC raised its position in Adverum Biotechnologies by 20.9% during the 1st quarter. BML Capital Management LLC now owns 2,742,317 shares of the biotechnology company's stock valued at $11,984,000 after purchasing an additional 474,253 shares in the last quarter. Finally, Grant GrossMendelsohn LLC raised its position in Adverum Biotechnologies by 90.3% during the 1st quarter. Grant GrossMendelsohn LLC now owns 160,157 shares of the biotechnology company's stock valued at $700,000 after purchasing an additional 75,984 shares in the last quarter. 48.17% of the stock is owned by institutional investors.

Adverum Biotechnologies Price Performance

Adverum Biotechnologies stock opened at $3.31 on Thursday. Adverum Biotechnologies, Inc. has a 1-year low of $1.78 and a 1-year high of $8.56. The stock has a market cap of $69.44 million, a PE ratio of -0.42 and a beta of 0.92. The stock's fifty day moving average is $2.76 and its two-hundred day moving average is $3.11.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ADVM shares. HC Wainwright reiterated a "buy" rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Thursday, May 15th. Chardan Capital reiterated a "buy" rating and set a $33.00 price target on shares of Adverum Biotechnologies in a research note on Wednesday, August 13th. Mizuho decreased their price objective on Adverum Biotechnologies from $16.00 to $12.00 and set an "outperform" rating for the company in a report on Thursday, June 26th. Finally, Royal Bank Of Canada reduced their price target on Adverum Biotechnologies from $5.00 to $4.00 and set a "sector perform" rating for the company in a report on Thursday, May 15th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Adverum Biotechnologies currently has a consensus rating of "Moderate Buy" and an average price target of $19.75.

Adverum Biotechnologies 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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