TCG Crossover Management LLC Cuts Position in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

TCG Crossover Management LLC lessened its stake in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Free Report) by 10.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,796,482 shares of the biotechnology company's stock after selling 211,857 shares during the quarter. TCG Crossover Management LLC owned approximately 8.64% of Adverum Biotechnologies worth $8,390,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Wells Fargo & Company MN increased its holdings in Adverum Biotechnologies by 27.8% in the 4th quarter. Wells Fargo & Company MN now owns 12,240 shares of the biotechnology company's stock worth $57,000 after purchasing an additional 2,659 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Adverum Biotechnologies by 36.6% in the fourth quarter. American Century Companies Inc. now owns 16,277 shares of the biotechnology company's stock valued at $76,000 after buying an additional 4,362 shares during the period. JPMorgan Chase & Co. raised its holdings in Adverum Biotechnologies by 226.6% in the 4th quarter. JPMorgan Chase & Co. now owns 30,664 shares of the biotechnology company's stock valued at $143,000 after buying an additional 21,274 shares during the last quarter. Barclays PLC boosted its position in Adverum Biotechnologies by 11.3% during the 4th quarter. Barclays PLC now owns 39,887 shares of the biotechnology company's stock worth $186,000 after buying an additional 4,055 shares during the period. Finally, Grant GrossMendelsohn LLC grew its holdings in Adverum Biotechnologies by 118.0% during 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 during the last quarter. 48.17% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity at Adverum Biotechnologies

In related news, major shareholder Braden Michael Leonard acquired 30,600 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was purchased at an average cost of $5.61 per share, with a total value of $171,666.00. Following the acquisition, the insider now owns 2,722,761 shares of the company's stock, valued at approximately $15,274,689.21. This trade represents a 1.14 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders acquired 198,123 shares of company stock valued at $863,040. 4.20% of the stock is owned by company insiders.

Adverum Biotechnologies Stock Performance

Shares of ADVM stock traded up $0.16 during trading hours on Friday, hitting $3.49. 756,145 shares of the company were exchanged, compared to its average volume of 265,209. Adverum Biotechnologies, Inc. has a fifty-two week low of $2.64 and a fifty-two week high of $10.84. The company has a 50 day simple moving average of $3.99 and a two-hundred day simple moving average of $5.05. The firm has a market cap of $72.91 million, a P/E ratio of -0.58 and a beta of 1.10.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last issued its earnings results on Tuesday, April 15th. The biotechnology company reported ($1.96) EPS for the quarter, missing analysts' consensus estimates of ($1.34) by ($0.62). As a group, sell-side analysts expect that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current fiscal year.

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.