Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Shares Sold by Fmr LLC

FMR LLC lowered its position in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Free Report) by 63.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 234,718 shares of the biotechnology company's stock after selling 402,791 shares during the quarter. FMR LLC owned 1.13% of Adverum Biotechnologies worth $1,648,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ADVM. SG Americas Securities LLC acquired a new position in shares of Adverum Biotechnologies during the third quarter worth about $74,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Adverum Biotechnologies in the 3rd quarter valued at approximately $93,000. Rhumbline Advisers increased its position in Adverum Biotechnologies by 10,419.1% during the 2nd quarter. Rhumbline Advisers now owns 30,821 shares of the biotechnology company's stock worth $211,000 after purchasing an additional 30,528 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Adverum Biotechnologies during the 2nd quarter worth approximately $443,000. Finally, Squarepoint Ops LLC lifted its holdings in shares of Adverum Biotechnologies by 301.1% in the 2nd quarter. Squarepoint Ops LLC now owns 108,978 shares of the biotechnology company's stock valued at $748,000 after buying an additional 81,808 shares during the period. Institutional investors and hedge funds own 48.17% of the company's stock.

Analysts Set New Price Targets

ADVM has been the subject of several research analyst reports. HC Wainwright reiterated a "buy" rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research report on Tuesday, November 19th. Royal Bank of Canada cut their price target 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. Finally, StockNews.com raised shares of Adverum Biotechnologies from a "sell" rating to a "hold" rating in a report on Wednesday, December 11th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $27.83.

Adverum Biotechnologies Price Performance

ADVM traded down $0.11 during midday trading on Monday, reaching $5.26. 217,182 shares of the company's stock were exchanged, compared to its average volume of 277,079. The business's 50-day moving average price is $7.11 and its 200 day moving average price is $7.20. The stock has a market capitalization of $109.42 million, a PE ratio of -0.90 and a beta of 0.91. Adverum Biotechnologies, Inc. has a 1-year low of $5.21 and a 1-year high of $29.70.

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 business had revenue of $1.00 million during the quarter, compared to the consensus estimate of $0.50 million. As a group, analysts expect that Adverum Biotechnologies, Inc. will post -4.92 EPS for the current fiscal year.

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.