Cantor Fitzgerald began coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a report issued on Thursday, September 20th, Marketbeat.com reports. The firm issued an overweight rating and a $12.00 target price on the biotechnology company’s stock.
Other analysts have also recently issued research reports about the company. ValuEngine cut Adverum Biotechnologies from a buy rating to a hold rating in a research report on Monday, July 2nd. BidaskClub cut Adverum Biotechnologies from a strong-buy rating to a buy rating in a research report on Tuesday, June 12th. Zacks Investment Research cut Adverum Biotechnologies from a hold rating to a sell rating in a research report on Tuesday, July 10th. Finally, Chardan Capital restated a hold rating and issued a $8.00 target price on shares of Adverum Biotechnologies in a research note on Thursday, August 9th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $9.95.
NASDAQ:ADVM traded up $0.04 during midday trading on Thursday, hitting $5.15. The stock had a trading volume of 565,141 shares, compared to its average volume of 902,232. Adverum Biotechnologies has a one year low of $2.85 and a one year high of $8.59. The stock has a market cap of $379.30 million, a P/E ratio of -3.99 and a beta of 3.83.
Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Wednesday, August 8th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.01. The business had revenue of $0.49 million for the quarter, compared to analysts’ expectations of $0.40 million. Adverum Biotechnologies had a negative return on equity of 30.61% and a negative net margin of 3,957.63%. As a group, sell-side analysts anticipate that Adverum Biotechnologies will post -1.23 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Creative Planning raised its stake in shares of Adverum Biotechnologies by 76.8% during the 2nd quarter. Creative Planning now owns 22,870 shares of the biotechnology company’s stock valued at $121,000 after buying an additional 9,937 shares during the last quarter. Ardsley Advisory Partners raised its stake in shares of Adverum Biotechnologies by 10.0% during the 2nd quarter. Ardsley Advisory Partners now owns 110,000 shares of the biotechnology company’s stock valued at $583,000 after buying an additional 10,000 shares during the last quarter. DRW Securities LLC grew its position in shares of Adverum Biotechnologies by 60.0% during the 2nd quarter. DRW Securities LLC now owns 40,000 shares of the biotechnology company’s stock valued at $212,000 after acquiring an additional 15,000 shares during the period. Northern Trust Corp grew its position in shares of Adverum Biotechnologies by 24.3% during the 1st quarter. Northern Trust Corp now owns 99,838 shares of the biotechnology company’s stock valued at $579,000 after acquiring an additional 19,488 shares during the period. Finally, Metropolitan Life Insurance Co. NY acquired a new stake in shares of Adverum Biotechnologies during the 2nd quarter valued at about $106,000. Institutional investors and hedge funds own 58.45% 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.
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