Adverum Biotechnologies, Inc. (NASDAQ:ADVM) is BML Capital Management LLC's 6th Largest Position

BML Capital Management LLC lifted its position in Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Free Report) by 15.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,268,064 shares of the biotechnology company's stock after buying an additional 302,064 shares during the quarter. Adverum Biotechnologies comprises 9.4% of BML Capital Management LLC's investment portfolio, making the stock its 6th largest holding. BML Capital Management LLC owned 10.90% of Adverum Biotechnologies worth $15,922,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. SG Americas Securities LLC purchased a new stake in Adverum Biotechnologies during the 3rd quarter worth about $74,000. Rhumbline Advisers raised its position in Adverum Biotechnologies by 10,419.1% during the second quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company's stock valued at $211,000 after purchasing an additional 30,528 shares during the period. Bank of New York Mellon Corp bought a new position in Adverum Biotechnologies in the second quarter worth approximately $443,000. Squarepoint Ops LLC raised its stake in Adverum Biotechnologies by 301.1% in the 2nd quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company's stock worth $748,000 after acquiring an additional 81,808 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Adverum Biotechnologies by 2.4% in the 2nd quarter. Renaissance Technologies LLC now owns 136,257 shares of the biotechnology company's stock valued at $935,000 after purchasing an additional 3,169 shares in the last quarter. 48.17% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADVM has been the subject of several recent research reports. StockNews.com downgraded shares of Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research note on Wednesday, November 6th. Royal Bank of Canada reduced their price objective on shares of Adverum Biotechnologies from $12.00 to $10.00 and set a "sector perform" rating for the company in a report on Tuesday, November 5th. HC Wainwright reiterated a "buy" rating and issued a $30.00 price target on shares of Adverum Biotechnologies in a report on Tuesday, August 13th. Truist Financial reduced their price objective on shares of Adverum Biotechnologies from $60.00 to $40.00 and set a "buy" rating on the stock in a research note on Wednesday, August 14th. Finally, Chardan Capital boosted their price target on shares of Adverum Biotechnologies from $4.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $27.83.

Adverum Biotechnologies Trading Up 1.7 %

Adverum Biotechnologies stock traded up $0.13 during midday trading on Tuesday, reaching $7.89. The company's stock had a trading volume of 197,771 shares, compared to its average volume of 276,570. Adverum Biotechnologies, Inc. has a 52 week low of $6.38 and a 52 week high of $29.70. The business has a 50-day moving average price of $7.44 and a 200-day moving average price of $7.64. The stock has a market cap of $164.11 million, a PE ratio of -1.30 and a beta of 1.02.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The company had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. As a group, research analysts predict that Adverum Biotechnologies, Inc. will post -4.89 EPS for the current fiscal year.

About Adverum Biotechnologies

Adverum Biotechnologies, Inc, a clinical-stage company, develops gene therapy product candidates to treat ocular diseases. Its lead product candidate is ixoberogene soroparvovec (ADVM-022), a single intravitreal injection gene therapy candidate used for the treatment of patients with wet age-related macular degeneration and diabetic macular edema which is in phase 2 clinical trials.