Assenagon Asset Management S.A. Has $164,000 Stock Holdings in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Assenagon Asset Management S.A. decreased its holdings in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Free Report) by 96.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,413 shares of the biotechnology company's stock after selling 594,497 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.11% of Adverum Biotechnologies worth $164,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Avoro Capital Advisors LLC acquired a new stake in Adverum Biotechnologies in the 1st quarter worth approximately $5,892,000. Dimensional Fund Advisors LP lifted its stake in shares of Adverum Biotechnologies by 741.8% in the second quarter. Dimensional Fund Advisors LP now owns 223,427 shares of the biotechnology company's stock worth $1,533,000 after buying an additional 196,884 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of Adverum Biotechnologies by 52.9% during the 2nd quarter. Marshall Wace LLP now owns 204,619 shares of the biotechnology company's stock worth $1,404,000 after buying an additional 70,768 shares during the period. Renaissance Technologies LLC grew its stake in 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 buying an additional 3,169 shares during the last quarter. Finally, Picton Mahoney Asset Management bought a new position in Adverum Biotechnologies in the 1st quarter worth $1,755,000. Institutional investors own 48.17% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada lowered their price target on Adverum Biotechnologies from $15.00 to $12.00 and set a "sector perform" rating on the stock in a research report on Tuesday, August 13th. Chardan Capital raised their target price on Adverum Biotechnologies from $4.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, July 18th. Truist Financial cut their price target on Adverum Biotechnologies from $60.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, August 14th. HC Wainwright restated a "buy" rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, August 13th. Finally, StockNews.com raised shares of Adverum Biotechnologies from a "sell" rating to a "hold" rating in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $28.17.

Adverum Biotechnologies Stock Performance

Shares of NASDAQ:ADVM traded up $0.13 during trading on Monday, hitting $7.54. 127,563 shares of the stock were exchanged, compared to its average volume of 280,237. The company's fifty day simple moving average is $7.35 and its 200-day simple moving average is $7.74. The company has a market capitalization of $156.83 million, a price-to-earnings ratio of -0.94 and a beta of 1.02. Adverum Biotechnologies, Inc. has a 1-year low of $6.38 and a 1-year high of $29.70.

Adverum Biotechnologies (NASDAQ:ADVM - Get Free Report) last announced its quarterly earnings results on Monday, August 12th. The biotechnology company reported ($0.89) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.47) by $0.58. On average, research analysts forecast that Adverum Biotechnologies, Inc. will post -4.64 earnings per share 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.