StockNews.com Downgrades Adverum Biotechnologies (NASDAQ:ADVM) to Sell

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating in a note issued to investors on Thursday.

Several other equities research analysts also recently commented on the company. Royal Bank of Canada decreased their price objective on 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 reaffirmed a "buy" rating and set a $30.00 price objective on shares of Adverum Biotechnologies in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $27.83.

Adverum Biotechnologies Stock Down 2.3 %

NASDAQ:ADVM traded down $0.11 on Thursday, reaching $4.70. The stock had a trading volume of 142,325 shares, compared to its average volume of 277,074. Adverum Biotechnologies has a 1-year low of $4.66 and a 1-year high of $29.70. The stock has a fifty day moving average price of $6.97 and a 200-day moving average price of $7.15. The company has a market capitalization of $97.77 million, a P/E ratio of -0.78 and a beta of 0.91.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The biotechnology company reported ($1.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.20) by ($0.10). The business had revenue of $1.00 million for the quarter, compared to analysts' expectations of $0.50 million. Sell-side analysts predict that Adverum Biotechnologies will post -4.92 earnings per share for the current fiscal year.

Institutional Trading of Adverum Biotechnologies

Several hedge funds have recently made changes to their positions in ADVM. BNP Paribas Financial Markets lifted its holdings in Adverum Biotechnologies by 177.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,146 shares of the biotechnology company's stock worth $29,000 after buying an additional 2,649 shares in the last quarter. Captrust Financial Advisors acquired a new position in shares of Adverum Biotechnologies during the third quarter worth $71,000. SG Americas Securities LLC acquired a new stake in Adverum Biotechnologies in the third quarter valued at $74,000. MetLife Investment Management LLC boosted its position in shares of Adverum Biotechnologies by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company's stock worth $88,000 after acquiring an additional 7,089 shares in the last quarter. Finally, Zacks Investment Management purchased a new stake in Adverum Biotechnologies during the third quarter worth approximately $89,000. Hedge funds and other institutional investors own 48.17% of the company's stock.

Adverum Biotechnologies Company Profile

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.