Piper Jaffray Companies Initiates Coverage on Adverum Biotechnologies (ADVM)

Research analysts at Piper Jaffray Companies assumed coverage on shares of Adverum Biotechnologies (NASDAQ:ADVM) in a research report issued on Thursday. The brokerage set an “overweight” rating and a $12.00 price target on the biotechnology company’s stock. Piper Jaffray Companies’ price objective points to a potential upside of 84.62% from the stock’s previous close.

ADVM has been the subject of a number of other reports. Chardan Capital restated a “hold” rating on shares of Adverum Biotechnologies in a research note on Tuesday, December 19th. ValuEngine cut Adverum Biotechnologies from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 9th. Finally, Zacks Investment Research cut Adverum Biotechnologies from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $6.06.

Shares of Adverum Biotechnologies (ADVM) traded down $0.40 during midday trading on Thursday, hitting $6.50. The company had a trading volume of 1,252,700 shares, compared to its average volume of 1,744,249. The stock has a market cap of $282.64, a PE ratio of -4.19 and a beta of 3.80. Adverum Biotechnologies has a 1 year low of $2.40 and a 1 year high of $8.59.

Large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased 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 buying an additional 30,254 shares in the last quarter. Goldman Sachs Group Inc. acquired a new position in Adverum Biotechnologies during the 2nd quarter valued at about $420,000. Mangrove Partners acquired a new position in Adverum Biotechnologies during the 3rd quarter valued at about $1,511,000. Susquehanna International Group LLP acquired a new position in Adverum Biotechnologies during the 2nd quarter valued at about $162,000. Finally, Sessa Capital IM L.P. increased its position in Adverum Biotechnologies by 272.5% during the 3rd quarter. Sessa Capital IM L.P. now owns 638,712 shares of the biotechnology company’s stock valued at $2,331,000 after buying an additional 467,225 shares in the last quarter. 30.75% of the stock is currently owned by institutional investors.

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About Adverum Biotechnologies

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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