Adverum Biotechnologies (ADVM) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a hold rating to a buy rating in a research note released on Friday. Zacks Investment Research currently has $7.25 price target on the biotechnology company’s stock.

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. “

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ADVM has been the topic of several other research reports. Chardan Capital restated a hold rating on shares of Adverum Biotechnologies in a research report on Tuesday, December 19th. ValuEngine upgraded shares of Adverum Biotechnologies from a strong sell rating to a sell rating in a research report on Thursday, January 25th. BidaskClub lowered shares of Adverum Biotechnologies from a strong-buy rating to a buy rating in a research report on Saturday, March 10th. Finally, Piper Jaffray Companies initiated coverage on shares of Adverum Biotechnologies in a research report on Thursday, February 15th. They set an overweight rating and a $12.00 price target on the stock. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $7.19.

Adverum Biotechnologies (ADVM) remained flat at $$6.40 during mid-day trading on Friday. 740,488 shares of the company’s stock were exchanged, compared to its average volume of 1,605,540. The company has a market cap of $345.88, a price-to-earnings ratio of -4.96 and a beta of 3.63. Adverum Biotechnologies has a 12-month low of $2.40 and a 12-month high of $8.59.

Adverum Biotechnologies (NASDAQ:ADVM) last released its quarterly earnings results on Tuesday, March 6th. The biotechnology company reported ($0.32) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.03. The company had revenue of $0.46 million for the quarter. Adverum Biotechnologies had a negative net margin of 3,036.61% and a negative return on equity of 29.61%. sell-side analysts forecast that Adverum Biotechnologies will post -1.31 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in ADVM. Jane Street Group LLC acquired a new stake in shares of Adverum Biotechnologies in the third quarter valued at about $108,000. BlueCrest Capital Management Ltd acquired a new stake in shares of Adverum Biotechnologies in the fourth quarter valued at about $111,000. Citadel Advisors LLC grew its position in shares of Adverum Biotechnologies by 365.1% in the fourth quarter. Citadel Advisors LLC now owns 47,189 shares of the biotechnology company’s stock valued at $165,000 after purchasing an additional 37,042 shares during the period. Raymond James & Associates acquired a new stake in shares of Adverum Biotechnologies in the fourth quarter valued at about $172,000. Finally, Spark Investment Management LLC grew its position in shares of Adverum Biotechnologies by 64.2% in the fourth quarter. Spark Investment Management LLC now owns 66,821 shares of the biotechnology company’s stock valued at $233,000 after purchasing an additional 26,121 shares during the period. Institutional investors and hedge funds own 36.69% of the company’s stock.

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About Adverum Biotechnologies

Adverum Biotechnologies, Inc is a clinical-stage gene therapy company targeting unmet medical needs in serious rare and ocular diseases. Adverum has a robust pipeline that includes product candidates designed to treat rare diseases alpha-1 antitrypsin (A1AT) deficiency and hereditary angioedema (HAE) as well as wet age-related macular degeneration (wAMD).

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