Adverum Biotechnologies (NASDAQ:ADVM) Downgraded by Zacks Investment Research

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Adverum Biotechnologies (NASDAQ:ADVM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks.com reports.

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. “

ADVM has been the subject of several other research reports. Chardan Capital dropped their price target 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. BidaskClub lowered Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research note on Tuesday, June 18th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $8.00 price target (up previously from $3.00) on shares of Adverum Biotechnologies in a research note on Tuesday, September 17th. Cowen reaffirmed a “buy” rating on shares of Adverum Biotechnologies in a research note on Tuesday, July 9th. Finally, ValuEngine lowered Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research note on Thursday, September 12th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $8.05.

ADVM stock traded up $0.80 during mid-day trading on Monday, hitting $6.09. 3,731,032 shares of the stock were exchanged, compared to its average volume of 1,064,564. The company has a debt-to-equity ratio of 0.12, a current ratio of 17.79 and a quick ratio of 17.79. The business has a fifty day moving average price of $7.96 and a 200 day moving average price of $9.35. Adverum Biotechnologies has a 12 month low of $2.62 and a 12 month high of $16.38. The stock has a market capitalization of $333.25 million, a price-to-earnings ratio of -5.16 and a beta of 2.49.

Adverum Biotechnologies (NASDAQ:ADVM) last issued its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.08. As a group, equities analysts forecast that Adverum Biotechnologies will post -1.03 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in Adverum Biotechnologies by 3.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 129,942 shares of the biotechnology company’s stock valued at $1,546,000 after purchasing an additional 3,810 shares during the period. State Board of Administration of Florida Retirement System increased its holdings in Adverum Biotechnologies by 24.4% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 19,750 shares of the biotechnology company’s stock valued at $235,000 after purchasing an additional 3,870 shares during the period. Bank of Montreal Can purchased a new position in Adverum Biotechnologies during the 2nd quarter valued at about $54,000. Meeder Asset Management Inc. increased its holdings 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, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new position in Adverum Biotechnologies during the 2nd quarter valued at about $151,000. 71.78% of the stock is owned by institutional investors.

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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