Regeneron Pharmaceuticals Inc. Purchases New Position in Adverum Biotechnologies, Inc. (NASDAQ:ADVM)

Regeneron Pharmaceuticals Inc. purchased a new stake in shares of Adverum Biotechnologies, Inc. (NASDAQ:ADVM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 180,909 shares of the biotechnology company's stock, valued at approximately $845,000. Adverum Biotechnologies accounts for 0.1% of Regeneron Pharmaceuticals Inc.'s investment portfolio, making the stock its 5th largest holding. Regeneron Pharmaceuticals Inc. owned about 0.87% of Adverum Biotechnologies at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. BNP Paribas Financial Markets grew its holdings in shares of 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 acquiring an additional 2,649 shares during the period. Captrust Financial Advisors bought a new stake in shares of Adverum Biotechnologies in the 3rd quarter worth approximately $71,000. MetLife Investment Management LLC boosted its position in shares of Adverum Biotechnologies by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 12,582 shares of the biotechnology company's stock worth $88,000 after purchasing an additional 7,089 shares in the last quarter. Zacks Investment Management bought a new stake in shares of Adverum Biotechnologies in the 3rd quarter worth approximately $89,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Adverum Biotechnologies in the 3rd quarter valued at approximately $93,000. Hedge funds and other institutional investors own 48.17% of the company's stock.

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Wall Street Analyst Weigh In

Several research firms recently issued reports on ADVM. StockNews.com cut Adverum Biotechnologies from a "hold" rating to a "sell" rating in a research report on Thursday, December 19th. HC Wainwright restated a "buy" rating and issued a $30.00 price objective on shares of Adverum Biotechnologies in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $27.83.

Adverum Biotechnologies Price Performance

Shares of Adverum Biotechnologies stock traded up $0.07 during trading on Tuesday, reaching $4.47. 87,395 shares of the stock traded hands, compared to its average volume of 262,042. The company has a market capitalization of $92.98 million, a price-to-earnings ratio of -0.75 and a beta of 1.14. The business has a fifty day simple moving average of $4.39 and a two-hundred day simple moving average of $5.94. Adverum Biotechnologies, Inc. has a 52-week low of $3.52 and a 52-week high of $19.10.

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.