According to Zacks, “Adverum Biotechnologies, Inc. is a gene therapy company. The Company discovers and develops novel medicines for patients living with rare diseases. Adverum Biotechnologies Inc, formerly known as Avalanche Biotechnologies Inc., is headquartered in Menlo Park, California. “
Other equities research analysts have also issued research reports about the company. Piper Jaffray Cos. set a $9.00 price target on Avalanche Biotechnologies and gave the stock a buy rating in a research report on Thursday, August 18th. Jefferies Group reaffirmed a buy rating and set a $12.00 price target on shares of Avalanche Biotechnologies in a research report on Wednesday, August 10th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $7.75.
Shares of Avalanche Biotechnologies (NASDAQ:ADVM) traded down 4.26% during midday trading on Tuesday, reaching $3.82. 55,715 shares of the company’s stock traded hands. The stock’s 50 day moving average price is $3.94 and its 200 day moving average price is $4.19. The firm’s market capitalization is $157.95 million. Avalanche Biotechnologies has a 52-week low of $2.99 and a 52-week high of $10.69.
Avalanche Biotechnologies (NASDAQ:ADVM) last released its earnings results on Tuesday, August 9th. The company reported ($1.76) earnings per share for the quarter, missing the consensus estimate of ($0.38) by $1.38. Avalanche Biotechnologies had a negative net margin of 4,234.61% and a negative return on equity of 21.33%. On average, equities research analysts anticipate that Avalanche Biotechnologies will post ($2.33) EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of ADVM. Oxford Asset Management purchased a new position in Avalanche Biotechnologies during the second quarter worth about $191,000. Schroder Investment Management Group purchased a new position in Avalanche Biotechnologies during the second quarter worth about $351,000. Granite Point Capital Management L.P. purchased a new position in Avalanche Biotechnologies during the second quarter worth about $589,000. JPMorgan Chase & Co. purchased a new position in Avalanche Biotechnologies during the second quarter worth about $102,000. Finally, Royce & Associates LP purchased a new position in Avalanche Biotechnologies during the second quarter worth about $611,000. Institutional investors and hedge funds own 37.91% of the company’s stock.
About Avalanche Biotechnologies
Adverum Biotechnologies, Inc, formerly Avalanche Biotechnologies, Inc, is a gene therapy company. The Company is engaged in discovering and developing medicines to patients suffering from chronic or debilitating disease. The Company operates and manages its business in the segment of developing and commercializing gene therapeutics.
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