New York State Common Retirement Fund Trims Holdings in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

New York State Common Retirement Fund decreased its stake in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM) by 33.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 52,615 shares of the biotechnology company’s stock after selling 26,085 shares during the quarter. New York State Common Retirement Fund’s holdings in Adverum Biotechnologies were worth $184,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. RTW Investments LP raised its position in Adverum Biotechnologies by 1.7% in the first quarter. RTW Investments LP now owns 7,348,976 shares of the biotechnology company’s stock valued at $72,461,000 after purchasing an additional 121,612 shares during the period. BlackRock Inc. raised its position in Adverum Biotechnologies by 2.6% in the first quarter. BlackRock Inc. now owns 7,223,490 shares of the biotechnology company’s stock valued at $71,225,000 after purchasing an additional 180,722 shares during the period. UBS Group AG raised its position in Adverum Biotechnologies by 18.4% in the first quarter. UBS Group AG now owns 3,296,389 shares of the biotechnology company’s stock valued at $32,502,000 after purchasing an additional 511,527 shares during the period. JPMorgan Chase & Co. raised its position in Adverum Biotechnologies by 247.8% in the first quarter. JPMorgan Chase & Co. now owns 1,975,463 shares of the biotechnology company’s stock valued at $19,478,000 after purchasing an additional 1,407,453 shares during the period. Finally, Geode Capital Management LLC raised its position in Adverum Biotechnologies by 10.2% in the first quarter. Geode Capital Management LLC now owns 1,503,672 shares of the biotechnology company’s stock valued at $14,826,000 after purchasing an additional 139,259 shares during the period. Institutional investors own 80.69% of the company’s stock.

ADVM opened at $2.24 on Tuesday. The business has a 50 day moving average price of $2.47 and a two-hundred day moving average price of $4.94. The company has a market cap of $219.80 million, a PE ratio of -1.56 and a beta of 1.15. Adverum Biotechnologies, Inc. has a 52 week low of $2.07 and a 52 week high of $14.79.

Adverum Biotechnologies (NASDAQ:ADVM) last posted its quarterly earnings data on Wednesday, August 4th. The biotechnology company reported ($0.45) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.38) by ($0.07). Analysts predict that Adverum Biotechnologies, Inc. will post -1.54 earnings per share for the current fiscal year.

A number of equities research analysts have commented on ADVM shares. Zacks Investment Research downgraded Adverum Biotechnologies from a “buy” rating to a “hold” rating in a research report on Friday, August 6th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $6.00 price objective on shares of Adverum Biotechnologies in a research note on Friday, July 30th. Chardan Capital dropped their price objective on Adverum Biotechnologies from $5.00 to $3.00 and set a “neutral” rating for the company in a research note on Friday, July 23rd. SVB Leerink dropped their price objective on Adverum Biotechnologies from $5.00 to $2.00 and set a “market perform” rating for the company in a research note on Friday, July 23rd. Finally, The Goldman Sachs Group cut Adverum Biotechnologies from a “buy” rating to a “neutral” rating in a research note on Friday, July 23rd. Eleven analysts have rated the stock with a hold rating, Based on data from MarketBeat, Adverum Biotechnologies has a consensus rating of “Hold” and an average price target of $5.97.

Adverum Biotechnologies Company Profile

Adverum Biotechnologies, Inc is a clinical-stage gene therapy company that engages in the development of gene therapies for ocular and rare diseases. The company was founded by Mark S. Blumenkranz, Thomas W. Chalberg, Jr., Mitchell H. Finer, and Steven Daniel Schwartz on July 17, 2006 and is headquartered in Redwood City, CA.

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Institutional Ownership by Quarter for Adverum Biotechnologies (NASDAQ:ADVM)

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