Connor Clark & Lunn Investment Management Ltd. cut its holdings in Adverum Biotechnologies Inc (NASDAQ:ADVM) by 43.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 88,325 shares of the biotechnology company’s stock after selling 68,325 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.14% of Adverum Biotechnologies worth $278,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in shares of Adverum Biotechnologies in the fourth quarter valued at approximately $66,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Adverum Biotechnologies in the third quarter valued at approximately $155,000. Wells Fargo & Company MN grew its holdings in shares of Adverum Biotechnologies by 169.5% in the third quarter. Wells Fargo & Company MN now owns 34,142 shares of the biotechnology company’s stock valued at $206,000 after acquiring an additional 21,474 shares in the last quarter. MetLife Investment Advisors LLC grew its holdings in shares of Adverum Biotechnologies by 55.2% in the third quarter. MetLife Investment Advisors LLC now owns 43,973 shares of the biotechnology company’s stock valued at $266,000 after acquiring an additional 15,632 shares in the last quarter. Finally, Exane Asset Management grew its holdings in shares of Adverum Biotechnologies by 36.0% in the third quarter. Exane Asset Management now owns 68,000 shares of the biotechnology company’s stock valued at $411,000 after acquiring an additional 18,000 shares in the last quarter. 59.51% of the stock is owned by institutional investors.
ADVM has been the subject of several recent analyst reports. BidaskClub raised Adverum Biotechnologies from a “hold” rating to a “buy” rating in a report on Wednesday, March 6th. Zacks Investment Research lowered Adverum Biotechnologies from a “buy” rating to a “hold” rating in a report on Wednesday, January 9th. Six investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Adverum Biotechnologies currently has an average rating of “Hold” and an average price target of $6.55.
Adverum Biotechnologies (NASDAQ:ADVM) last released its earnings results on Wednesday, March 6th. The biotechnology company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. The company had revenue of $0.07 million during the quarter, compared to analyst estimates of $0.39 million. Adverum Biotechnologies had a negative return on equity of 30.18% and a negative net margin of 4,505.40%. On average, sell-side analysts anticipate that Adverum Biotechnologies Inc will post -1.15 EPS for the current fiscal year.
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About Adverum Biotechnologies
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.
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