Adverum Biotechnologies (ADVM) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Adverum Biotechnologies (NASDAQ:ADVM) from a sell rating to a hold rating in a research report report published on Tuesday morning.

According to Zacks, “Adverum Biotechnologies, Inc. is a gene therapy company. The Company discovers and develops novel medicines for patients living with rare diseases. Adverum Biotechnologies Inc, formerly known as Avalanche Biotechnologies Inc., is headquartered in Menlo Park, California. “

ADVM has been the subject of several other reports. Chardan Capital reiterated a hold rating on shares of Adverum Biotechnologies in a report on Tuesday, December 19th. ValuEngine cut shares of Adverum Biotechnologies from a sell rating to a strong sell rating in a report on Thursday, November 9th. Finally, Raymond James Financial initiated coverage on shares of Adverum Biotechnologies in a report on Thursday, October 12th. They issued an outperform rating and a $6.00 target price for the company.

Shares of Adverum Biotechnologies (ADVM) traded up $0.15 on Tuesday, hitting $4.25. 652,521 shares of the company’s stock traded hands, compared to its average volume of 742,029. Adverum Biotechnologies has a one year low of $2.40 and a one year high of $4.50. The firm has a market capitalization of $191.43, a PE ratio of -2.83 and a beta of 2.44.

Adverum Biotechnologies (NASDAQ:ADVM) last announced its earnings results on Wednesday, November 8th. The biotechnology company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.03). Adverum Biotechnologies had a negative return on equity of 26.60% and a negative net margin of 3,398.29%. The firm had revenue of $0.46 million during the quarter. equities research analysts forecast that Adverum Biotechnologies will post -1.31 earnings per share for the current fiscal year.

Several hedge funds have recently bought and sold shares of ADVM. California Public Employees Retirement System boosted its holdings in shares of Adverum Biotechnologies by 23.5% during the second quarter. California Public Employees Retirement System now owns 145,600 shares of the biotechnology company’s stock worth $364,000 after purchasing an additional 27,700 shares during the period. Virtu KCG Holdings LLC acquired a new stake in shares of Adverum Biotechnologies during the second quarter worth approximately $144,000. Dimensional Fund Advisors LP boosted its holdings in shares of Adverum Biotechnologies by 179.3% during the second quarter. Dimensional Fund Advisors LP now owns 304,741 shares of the biotechnology company’s stock worth $762,000 after purchasing an additional 195,620 shares during the period. OxFORD Asset Management LLP boosted its holdings in shares of Adverum Biotechnologies by 719.0% during the second quarter. OxFORD Asset Management LLP now owns 229,669 shares of the biotechnology company’s stock worth $574,000 after purchasing an additional 201,628 shares during the period. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of Adverum Biotechnologies during the second quarter worth approximately $420,000. Institutional investors and hedge funds own 30.14% of the company’s stock.

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Adverum Biotechnologies Company Profile

Adverum Biotechnologies, Inc, formerly Avalanche Biotechnologies, Inc, is a gene therapy company. The Company is engaged in discovering and developing medicines to patients suffering from chronic or debilitating disease. The Company operates and manages its business in the segment of developing and commercializing gene therapeutics.

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