Adverum Biotechnologies Inc (NASDAQ:ADVM) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $5.55 and last traded at $5.15, with a volume of 1273200 shares. The stock had previously closed at $4.90.
Several brokerages recently issued reports on ADVM. Zacks Investment Research raised Adverum Biotechnologies from a “sell” rating to a “hold” rating in a research note on Tuesday, January 9th. ValuEngine raised Adverum Biotechnologies from a “strong sell” rating to a “sell” rating in a research note on Monday, October 16th. Raymond James Financial began coverage on Adverum Biotechnologies in a research note on Thursday, October 12th. They issued an “outperform” rating and a $6.00 price objective on the stock. Finally, Chardan Capital reissued a “hold” rating on shares of Adverum Biotechnologies in a research note on Tuesday, December 19th.
The company has a market cap of $248.85, a PE ratio of -3.63 and a beta of 2.44.
A number of hedge funds and other institutional investors have recently made changes to their positions in ADVM. Jane Street Group LLC bought a new stake in Adverum Biotechnologies during the 3rd quarter valued at $108,000. Virtu KCG Holdings LLC bought a new stake in Adverum Biotechnologies during the 2nd quarter valued at $144,000. Susquehanna International Group LLP bought a new stake in Adverum Biotechnologies during the 2nd quarter valued at $162,000. Russell Investments Group Ltd. bought a new stake in Adverum Biotechnologies during the 3rd quarter valued at $241,000. Finally, JPMorgan Chase & Co. boosted its position in Adverum Biotechnologies by 41.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 103,009 shares of the biotechnology company’s stock valued at $355,000 after acquiring an additional 30,254 shares in the last quarter. 30.11% of the stock is currently owned by institutional investors and hedge funds.
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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