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 Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Free Report) by 80.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,694 shares of the biotechnology company's stock after selling 77,303 shares during the quarter. Trexquant Investment LP owned about 0.09% of Adverum Biotechnologies worth $82,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. BML Capital Management LLC lifted its stake in Adverum Biotechnologies by 20.9% in the 1st 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. Principia Wealth Advisory LLC raised its position in shares of Adverum Biotechnologies by 27.5% during the 1st quarter. Principia Wealth Advisory LLC now owns 1,696,815 shares of the biotechnology company's stock valued at $7,415,000 after buying an additional 366,155 shares in the last quarter. Pale Fire Capital SE raised its position in shares of Adverum Biotechnologies by 16.9% during the 1st 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. Dimensional Fund Advisors LP raised its position in shares of Adverum Biotechnologies by 50.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 311,005 shares of the biotechnology company's stock valued at $1,452,000 after buying an additional 104,262 shares in the last quarter. Finally, Grant GrossMendelsohn LLC raised its position in shares of 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 buying an additional 75,984 shares in the last quarter. 48.17% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on ADVM. Mizuho lowered their price objective on shares of Adverum Biotechnologies from $16.00 to $12.00 and set an "outperform" rating on the stock in a research report on Thursday, June 26th. Chardan Capital restated a "buy" rating and set a $33.00 price objective on shares of Adverum Biotechnologies in a research report on Wednesday, August 13th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $19.75.

Adverum Biotechnologies Stock Performance

NASDAQ:ADVM traded down $0.05 during trading hours on Tuesday, reaching $3.02. The company's stock had a trading volume of 28,976 shares, compared to its average volume of 74,145. The firm has a market capitalization of $63.36 million, a price-to-earnings ratio of -0.38 and a beta of 0.92. The firm has a 50-day simple moving average of $2.82 and a 200-day simple moving average of $3.07. Adverum Biotechnologies, Inc. has a 1 year low of $1.78 and a 1 year high of $8.56.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last issued 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). Equities analysts anticipate that Adverum Biotechnologies, Inc. will post -4.92 earnings per share for the current fiscal year.

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.