Parametric Portfolio Associates LLC lifted its stake in shares of Adverum Biotechnologies Inc (NASDAQ:ADVM) by 901.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 108,953 shares of the biotechnology company’s stock after acquiring an additional 98,071 shares during the quarter. Parametric Portfolio Associates LLC owned about 0.17% of Adverum Biotechnologies worth $1,295,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADVM. Bank of Montreal Can bought a new stake in Adverum Biotechnologies during the 2nd quarter valued at approximately $54,000. SG Americas Securities LLC bought a new stake in Adverum Biotechnologies during the 1st quarter valued at approximately $60,000. Metropolitan Life Insurance Co NY bought a new stake in Adverum Biotechnologies during the 1st quarter valued at approximately $108,000. Meeder Asset Management Inc. boosted its stake in Adverum Biotechnologies by 372.1% during the 2nd quarter. Meeder Asset Management Inc. now owns 10,694 shares of the biotechnology company’s stock valued at $127,000 after purchasing an additional 8,429 shares during the period. Finally, MetLife Investment Advisors LLC bought a new stake in Adverum Biotechnologies during the 1st quarter valued at approximately $150,000. Institutional investors own 71.78% of the company’s stock.
Adverum Biotechnologies stock opened at $5.29 on Friday. The business has a 50 day moving average price of $7.96 and a two-hundred day moving average price of $9.35. The company has a quick ratio of 17.79, a current ratio of 17.79 and a debt-to-equity ratio of 0.12. Adverum Biotechnologies Inc has a 12 month low of $2.62 and a 12 month high of $16.38.
ADVM has been the subject of several recent analyst reports. BidaskClub downgraded Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. Chardan Capital decreased their target price on Adverum Biotechnologies from $10.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. ValuEngine downgraded Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Cantor Fitzgerald restated a “neutral” rating and set a $8.00 target price (up previously from $3.00) on shares of Adverum Biotechnologies in a research note on Tuesday, September 17th. Finally, Cowen restated a “buy” rating on shares of Adverum Biotechnologies in a research note on Tuesday, July 9th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $8.05.
About Adverum Biotechnologies
Adverum Biotechnologies, Inc, a clinical-stage gene therapy company, engages in developing gene therapy product candidates to treat ocular and rare diseases. Its pipeline of product candidates includes ADVM-022, an adeno- associated virus (AAV). 7m8-aflibercept for the treatment of wet age-related macular degeneration; ADVM-043, an investigational gene therapy candidate for the treatment of alpha-1 antitrypsin deficiency; and ADVM-053, a preclinical gene therapy product candidate for the treatment of hereditary angioedema.
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