Adverum Biotechnologies (ADVM) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a buy rating to a hold rating in a report published on Thursday.

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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A number of other equities analysts also recently weighed in on the stock. BidaskClub downgraded shares of Adverum Biotechnologies from a strong-buy rating to a buy rating in a research note on Saturday, March 10th. Piper Jaffray Companies assumed coverage on shares of Adverum Biotechnologies in a research note on Thursday, February 15th. They set an overweight rating and a $12.00 target price for the company. ValuEngine raised shares of Adverum Biotechnologies from a strong sell rating to a sell rating in a research note on Thursday, January 25th. Finally, Chardan Capital reissued a hold rating on shares of Adverum Biotechnologies in a research note on Tuesday, December 19th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. Adverum Biotechnologies has a consensus rating of Buy and a consensus target price of $7.19.

Adverum Biotechnologies stock opened at $6.40 on Thursday. The company has a market cap of $335.40, a price-to-earnings ratio of -4.96 and a beta of 3.63. Adverum Biotechnologies has a fifty-two week low of $2.40 and a fifty-two week high of $8.59.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Tuesday, March 6th. The biotechnology company reported ($0.32) EPS for the quarter, topping analysts’ consensus estimates 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%. equities research analysts expect that Adverum Biotechnologies will post -1.31 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC bought a new position in Adverum Biotechnologies during the third quarter worth $108,000. BlueCrest Capital Management Ltd bought a new position in Adverum Biotechnologies during the fourth quarter worth $111,000. Citadel Advisors LLC raised its stake in Adverum Biotechnologies by 365.1% during the fourth quarter. Citadel Advisors LLC now owns 47,189 shares of the biotechnology company’s stock worth $165,000 after buying an additional 37,042 shares during the last quarter. Raymond James & Associates bought a new position in Adverum Biotechnologies during the fourth quarter worth $172,000. Finally, Russell Investments Group Ltd. bought a new position in Adverum Biotechnologies during the third quarter worth $241,000. 36.69% of the stock is owned by institutional investors and hedge funds.

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Adverum Biotechnologies Company Profile

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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