Investment analysts at Piper Jaffray assumed coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research report issued on Friday. The brokerage set an “overweight” rating on the biotechnology company’s stock.
Several other equities research analysts have also weighed in on the company. Zacks Investment Research upgraded Adverum Biotechnologies from a “hold” rating to a “buy” rating and set a $7.25 price objective on the stock in a research note on Friday, March 23rd. ValuEngine upgraded Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 25th. Finally, BidaskClub upgraded Adverum Biotechnologies from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 12th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $19.06.
Adverum Biotechnologies traded up $0.30, hitting $6.30, on Friday, according to MarketBeat.com. 3,850 shares of the stock traded hands, compared to its average volume of 1,224,886. Adverum Biotechnologies has a 52 week low of $6.00 and a 52 week high of $6.17. The firm has a market capitalization of $382.97 million, a price-to-earnings ratio of -4.65 and a beta of 3.64.
Several hedge funds have recently added to or reduced their stakes in ADVM. BlueCrest Capital Management Ltd bought a new stake in shares of Adverum Biotechnologies in the 4th quarter valued at approximately $111,000. Citadel Advisors LLC boosted its holdings in shares of Adverum Biotechnologies by 365.1% in the 4th quarter. Citadel Advisors LLC now owns 47,189 shares of the biotechnology company’s stock worth $165,000 after acquiring an additional 37,042 shares in the last quarter. Raymond James & Associates acquired a new position in shares of Adverum Biotechnologies in the 4th quarter worth approximately $172,000. Trexquant Investment LP acquired a new position in shares of Adverum Biotechnologies in the 1st quarter worth approximately $184,000. Finally, Monarch Partners Asset Management LLC acquired a new position in shares of Adverum Biotechnologies in the 1st quarter worth approximately $214,000. Institutional investors own 31.24% of the company’s stock.
Adverum Biotechnologies Company Profile
Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates that target serious rare and ocular diseases. It leverages its adeno-associated virus (AAV)-based directed evolution platform to develop products. The company's pipeline of product candidates include ADVM-043 to treat alpha-1 antitrypsin deficiency, which is in Phase I/II clinical trial; and ADVM-053 for hereditary angioedema disease, which is in preclinical stage; as well as ADVM-022 and ADVM-032 for wet age-related macular degeneration disease, which are in preclinical stage.
Receive News & Ratings for Adverum Biotechnologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adverum Biotechnologies and related companies with MarketBeat.com's FREE daily email newsletter.